Heavy Plotting Today by Geithner

On Friday afternoon, Treasury Secretary Geithner, in his capacity as chairperson of the Financial Stability Oversight Council, will host the Council’s first meeting at the U.S. Department of the Treasury.

According to the Treasury propaganda:

The Council will provide, for the first time, comprehensive oversight over the stability of our nation’s financial system. It is charged with identifying threats to the financial stability of the United States; promoting market discipline by eliminating expectations on the part of shareholders, creditors, and counterparties of such companies that the government will shield them from losses in the event of failure; and responding to emerging risks to the stability of the United States financial system. A session of the meeting will be open to the press, and will be streamed live from the Treasury Department’s website.

Of course, since the government was completely clueless to the oncoming housing bubble, it baffles the mind as to why they think they are going to spot future bubbles.

Later in the afternoon, Secretary Geithner will attend the President's Economic Daily Briefing at the White House.