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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.

3 COMMENTS

  1. The media is not acting on behalf of Wall Street when they call for clarity, they are acting on behalf of themselves. “Clarity” is just another default Republican opposition word to anything the President does. “Clarity” could also be another good word that means “I’m not a big spender, I’m really thinking carefully about whether or not I should support this legislation or not.”

  2. I’m with the pro-details crowd.

    No reason, IMO, to throw the admin under the bus. No reason to insist they have all the answers right away. No reason to conflate “not knowing all the answers” with “they have no clue what they are doing.” They are trying stuff. They’re doing some guessing like everyone else. Beware the certain in times like this. I see a lot of people out there acting like they know, when they DOPN’T know.

    And also no reason not to want to know details. Hard to have an opinion if you don’t know how a plan is going to work. Hard to have any confidence without such knowledge.

    I am not in principle opposed to a plan that is flexible and adjusts to changing conditions. Anything like that is going to give the appearance that you’re making it up as you go along. But if your plan is vague, then the audience truly has no choice whatsoever but to score the plan on its results.

    I think people need to be more patient than they’d prefer to be under current circumstances. But let’s face it, that’s unlikely to happen.

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