Ed Rendell, Michael Bloomberg and Arnold Schwarzenegger share the stage and talk about the economic stimulus package, the financial crisis and the road ahead.
I think it’s pretty clear at this point that folks in the press corps are starting to push the meme that the administration doesn’t know what it’s doing. Most are acting as surrogates for Wall Street and tacitly demanding more “clarity”, but when new details come out the plans are either criticized for being the wrong way to go or we hear more demands for a nebulous clarity.
Well, time to face the facts. These plans have to remain broad in order to be flexible enough to allow for new time bombs to go off. Because that’s the risk right now with a whole batch of exotic mortgages set to implode in the next 6 months and then yet another batch another 6 months after that. And yes, you’ll get more details, but until you detail exactly what type of clarity you want, it’s time to buckle down and try to ride this storm out. Liberals, nationalization isn’t an option so stop asking for it. And conservatives, we’re not going to let the banking system implode, so save the phony populist rage since your deregulatory economic philosophies got us here in the first place.
In any event, watch and share your thoughts.