Sunday, February 15, 2009

My patience is wearing thin.

As one who dared to hope Obama really meant change from the unmitigated disaster of the last 8 years, he and Pelosi and Geithner have been singularly disappointing. The housing collapse was the catalyst for the economic collapse; until house prices stop dropping there can be no sustained recovery, yet nobody in position of authority seems capable of addressing this central fact head on.

Getting banks to lend would certainly be helpful but it can't really happen in a sustained fashion until the recession finds a bottom, and that means housing prices stabilize. Ditto for business hiring. Ditto for creating work for the jobless in the interim....

I want to believe but it requires a leap of more faith than I have left. I take some comfort that it's driving the RW nuts but the pricetag of this schadenfreude I can't afford. It reeks of Old Politics.

"The era of procrastination, of half-measures, of soothing and baffling expedients, of delays, is coming to a close. In its place, we are entering a period of consequences." - Winston Churchill, The Gathering Storm

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