View Full Version : Credit where credit is due: Obama/Geithner?

03-12-09, 08:29 AM
I've been highly sceptical of the Obamessiah from the beginning, but in all fairness I will give credit where credit is due.

What has not been talking about much in iTulip is the cutting of bank dividends in the past 2 weeks.

Minyan Peter - one of the extremely few that I follow regularly - mentioned 'voluntold' cutting of bank dividends. I cannot find where I originally read this, but there is a specific article in the paid section of Minyanville: http://www.minyanville.com/library/search.htm?search=Article&advanced=1&contrib_id=106

This step is a good one: the hemorrhaging of cash due to paying dividends was absolutely accelerating an already frighteningly fast decline in the US big bank sector.

So assuming this was indeed a government policy - kudos to the Geithner/Obama team.

Next on the plate: fixing the toxic assets

After that: fixing an economy limping on without its credit crutch

p.s. for those asking why this is in rumors - it is because the rumor is that this was a government action. Curiously enough the government hasn't said anything about it.

03-12-09, 12:21 PM