My Take: Another mis-step … delaying the announcement of the bank bailout plan

According to Obama’s economic adviser Lawrence Summers,  Barack-O decided to delay unveiling the administration’s new bank bailout plan until Tuesday, in an effort to keep Washington’s focus on the stimulus package now before Congress.

In other words: to keep the spotlight on the President’s prime time press conference tonight.

My prediction: the market will tank today because of the bank plan delay — the delay prolongs uncertainty and creates doubt that the administration — with an avowed policy of “big & fast” over “deliberate & right” —  has figured out what to do.

All the chatter today will be about the market slide and bank plan.  Maybe that’s the strategy — take people’s eyes off the (un)stimulus package.

WSJ article:
http://online.wsj.com/article/SB123410527886060705.html?mod=article-outset-box

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