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The Geithner Crawl

Secretary Treasure Geithner is on a trip to Asia, meeting with the Chinese bowing low, likely crawling as he seeks their favor to buy more USA debt.  In recent articles Geithner has delayed a report that would charge the Chinese with currency manipulation so as not to upset the cart on our debt.

Where or where have the Jobs growth gone, oh where oh where can it be?  Obama is on a Treaty signing trip to Prague to reduce our nuclear arsenal and has forgotten, again, his promise to focus priority on jobs. 

Bernanke suggested today that housing delinquencies and foreclosures along with weak labor data would be problematic for a recovery, but he forgot to mention another serious issue, or maybe he did in the debt load and abundance of dollar inventory.  The markets turned down today on Greece's debt issue, imagine the downturn in the markets on a USA default or even a default of one of the States.

Greenspan pointed to Congress and Urban Housing as the "trigger" for the subprime issue that took is to this current crisis upon crisis.  Of course, Congress, will ignore those comments and continue to look to blame someone else.  Greenspan pointed to the pressure to increase home ownership through government back mortgage securities (Fannie and Freddie) to those that couldn't afford it (subprime) as the instigator.

Summary:  Today's move is normal, but could turn into a needed correction in this current bull market.  Vigilance is required to see if today is the start of a 5-10 percent correction.



Disclosure: no position