The Minsky Meltup

clipped from www.realclearmarkets.com Last night CNBC had clips of Maria Bartiromo interviewing Tim Geithner. That was quite the combo. Combining economic ignorance with the levered long leader of the willfully blind is pretty interesting Mr. Buffett, indeed! On the question of leverage, Geithner proclaimed his mystery of faith stating that "credit is the oxygen"... On the question of plans to address the Burning Buck... well... Geithner didn't have any... I couldn't make this up if I tried, but rather than provide Bartiromo with a proactive plan to address the Currency Crisis, Geithner said that he doesn't usually talk about daily activity in the currency markets. Again, I couldn't make this up if I tried, but Geithner is so clueless right now that he is choosing to antagonize the Chinese Meltem' up boys, and hope that the American people are as ignorant as Geithner in understanding that the last crisis was born out of a weak-dollar debt-financed asset-price-appreciation bubble.