Wall Street’s message to the Obama administration was clear Tuesday, even if the plan to save the banking industry wasn’t.
Unhappy with a lack of clarity in Treasury Secretary Timothy Geithner’s new financial rescue plan, investors launched a massive stock selloff, raising further questions about when confidence would be restored to the market.
From the squishy rhetoric about how complex the problem is to the lack of a clear time-frame for when specific weaknesses in the financial sector would be addressed, Geithner’s speech did nothing to assuage the market’s concerns about the nation’s future.
Broadly speaking, reaction to the speech broke down into five areas:
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