Talk Bronx New York

The early verdict on the Geithner plan: Too little, too little.

Markets are down, having had an adverse reaction to Treasury Secretary Tim Geithner’s presentation detailing the Obama Administration’s plan to pull the financial system out of its current morass, which many say is still too light on specifics. Certain facets of the plan resemble those that were entertained in the previous administration — with the exception of a stress-testing mechanism to determine which financial firms need assistance.

Some of the decline can potentially be attributed to the market selling the news. And one cannot help but think that expectations were probably a bit too high, even after various newspaper reports seemed to suggest that the administration was trying to soft-pedal investor hopes for a grand re-think.

Still, interviews with market participants suggest disappointment that the plans don’t go further in terms of detailing how the Treasury will move from Point A to Point B. The chief problem as many see it is that the speech, coupled with other leaked reports about the plans, is one long preamble — lots of references to intentions, being “prepared to commit,” and other lofty statements of purpose. It’s not

“Our objective is to use private capital and private asset managers to help provide a market mechanism for valuing the assets,” Mr. Geithner said. “We are exploring a range of different structures for this program, and will seek input from market participants and the public as we design it.” The Chicago Board Options Volatility Index rose to 47.15 on the day, up 8%. Read more..

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First, Mayor Bloomberg got his finger nipped in the groundhog’s den.

Now, he’s finding something else getting nipped in a lion’s den, dealing with Bronx Republican Party Chairman Jay Savino and the other GOP county leaders.

Savino is digging his heels in over endorsing the Man Who Would Buy King, saying Bloomberg’s not likely at the moment to win the legally required support of at least three county leaders to put him on the Republican ticket for a third term.

Bloomberg’s history as a swinger - from registered Dem to Republican to independent - has left all five county leaders unhappy.

“But it’s more about a couple of issues - extending term limits, congestion pricing and the tax hikes,” said Savino, who is a strong supporter of Rudy Giuliani - who’s a strong supporter of Bloomberg. But it hasn’t swayed Savino.

In fact, the Bronx party is throwing a spring reception, honoring, among others, billionaire bizman and potential GOP mayoral candidate John Catsimatidis. Read more..

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The Bronx have announced a pair of NYC area shows including The Bowery Ballroom on 4/20 with Trash Talk and Maxwell’s on 4/22. Tickets for Maxwell’s go on sale on 2/11 at noon while Bowery goes on sale 2/13 at noon.

The Bronx are currently touring around Europe, ultimately linking up with Fucked Up and Rolo Tomassi for a brief tour of the UK and then their US tour. One of those US dates, April 5th, is part of the Bamboozle Left Festival in Irvine, CA… an otherwise lackluster festival of mallcore, deathcore, and psuedo-emo feturing headling sets by a reuniting Get Up Kids, (gulp) Fall Out Boy, Taking Back Sunday, and (lord help us) 50 Cent. Full lineup below.

Why even mention Bamboozle Left? Well, besides The Bronx, Kevin Seconds (who has some NYC shows, and a few others… Deftones will make their return to the stage at this show, but with a new bassist…More…

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The dollar was mixed versus other major currencies on Tuesday as traders moved to defensive positions after Wall Street reacted negatively to Treasury Secretary Tim Geithner’s plan to attack the financial crisis.

The major tenets of the plan include requiring banking institutions to go through a “comprehensive stress test,” which will allow the government to have a better idea of which institutions need additional capital. However, the markets wanted something more concrete.

Meanwhile, the U.S. Senate passed an $838 billion fiscal stimulus plan Tuesday by a vote of 61-37. The measure passed a key procedural hurdle Monday evening when the stimulus garnered 60 votes needed to pass cloture. The legislation is now one step closer to President Barack Obama’s desk, as both
bodies of Congress - the House and the Senate - must now reconcile their two versions of the bill. Read more..

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