The absence of a deal — something that will pump liquidity into the financial system — is choking global credit markets this morning.
I don’t understand why the parties involved can’t produce a legislative package that keeps families in their homes, that keeps the instigators of this mess from walking away with taxpayer dollars, and buys equity in troubled firms rather than just absorbing their mistakes. And that commits to national infrastructure projects to rebuild the nation and to keep those hit hardest in these times working.
The right deal would be easy to do. Paulson knows what it is — but he’s not taking the country there, adding to his share of responsibility for this growing economic debacle.
– Steve Clemons