Today's Non-Announcement From the Treasury

Unless we are missing something, The Plan (hereafter known as TP) does not disclose how the bad assets will be valued and the procedure by which they will be removed from the various banks' balance sheets.

Today's announcement appeared to be a Public Relations event in which the Obama Administration sought to distance TP from the tainted giveaway program for the banks which it was under Hank Paulson and the Bush Administration.

So again, we will have to wait, and the market has no resolution, and remains 'edgy.'

A noble endeavor perhaps, but this Administration risks being long on appearance and short on substance. We suspect there were no details because they are still being 'discussed' behind the scenes.

Again, from what we hear, it is the 'old guard' of Clintonistas versus the Obama inner circle. Larry Summers can be quite the hammer head, and Tim is just over his head. Perhaps he will grow into the job. Perhaps Larry will be fired (again) because of his political tin ear.