Sublime Irony

Geithner's noncommital language regarding the TARP/TALF etc. planwas obviously designed to pacify Wall Street by making clear that Uncle isn't yielding to populist outrage. It's clear they're still trying to figure out how to cut the Gordian knot of pricing, especially with the Lone Star-Merrill 22cents-on-the-dollar CDO fire sale being the latest media elephant in the room. Naturally, the Street obliged with a near-400 point markdown.