For months, Obama's Treasury Secretary Tim Geithner warned of catastrophe if the U.S. failed to avert a default on it's debt obligations. In at least one instance he warned of a run on the "broader financial system -- similar to what happened in the wake of the collapse of Lehman Brothers. As the recent financial crisis demonstrated, a severe and sudden blow to confidence in the financial markets can spark a panic that threatens the health of our entire global economy." Similar dire warnings were issued with regular frequency.
Well guess what? Geithner got his new $2.4 trillion credit card on Monday and the Dow Jones Index did this:
Total Drop in five days: 7.0%
Do Obama and his economic team have the slightest credibility left?
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