When Geithner Speaks, People Listen

There are three uniquely unfalsifiable and inflammatory techniques of political debate that give me a five alarm headache whenever I hear them:

1) When one potential beneficiary of a policy is plucked from a population of 300,000,000 as evidence the proposal is a good one. No kidding, this or that idea will benefit this or that person? Amazing. Big whoop. Show me why the idea is good for 200,000,000 people.

2) "Do it for the children." Somehow children survived and thrived for decades without politicians falling all over themselves to show just how much they care about "the children." I have kids, I know lots of kids, and as a society we've helped them so much they can barely tie their shoes without a liability release form.

3) Pointing to the daily moves of the Dow as either affirmation or refutation of a policy's success. Daily market movements are, with rare exception, totally random. No one knows enough to outguess the market daily, let alone comment on it cogently. If someone did, there would be no reason to hold a job.

All that said, I sure feel bad for Treasury Secretary Geithner. As he spoke today, Mr. Market took a giant leap off a cliff. His boss couldn't possibly be Hoping for that kind of Change.

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