Too bad our government couldn’t move a little faster. Ideology clouded Paulson’s decision making. He wanted to solve the crisis with some convoluted plan aimed at purchasing bad assets from banks, rather than just injecting liquidity directly (in exchange for stock). He lost precious time.
It’s hard to avoid the sense that Mr. Paulson’s initial response was distorted by ideology. Remember, he works for an administration whose philosophy of government can be summed up as “private good, public bad,” which must have made it hard to face up to the need for partial government ownership of the financial sector.
Luckily for the world economy, however, Gordon Brown and his officials are making sense. And they may have shown us the way through this crisis.
[Gordon Does Good THE NEW YORK TIMES]
This is the beginning of the end of American world dominance. In my opinion, our decline has come from poor and inadequate leadership. This crisis proves to me that all U.S. government officials from the President to Congress are at fault. Failing to act quickly, rationally, and directly in the global economic crisis is shameful and sad.
It is reality-check time for America. We must get it together or be left behind.
“Aim for Understanding”