Word: crediteers
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Loose confederacies often come apart under pressure. There are now divisions forming in the European Union based on whether the countries in that alliance should put larger and larger sums of money into the credit and banking markets and their budgets to help slow the recession, or keep stimulus activities modest and have faith that free market systems will cause the economy to recover on its own without taking the world to Hades in the process...
...right. But with the economy in uncharted territory, we'll come to recognize that party-line adherence to old political convictions won't provide any easy way out. Given that it was our unthinking trust in the unthinking certainty of "experts" that got us here - securitized debt? credit-default swaps? uh, sure, whatever - Americans can now revert to their ruthlessly pragmatic, commonsensical selves. Admitting that we aren't certain exactly how to proceed is liberating, and key. Hyperbolic rants and rigid talking points, in either Limbaughian or Olbermannian flavors, now seem worse than useless, artifacts of a bumptious barroom...
...then he was off. He would be persistent, he said, about passing a budget that addressed his concerns about energy, health care and education. He would be persistent about finding a way to solve the credit crisis, persistent about finding a way to take on lobbyists and pork spending, and persistent about finding new ways of working with Iran. "We are going to stay with it as long as I'm in office," he promised the American people, reminding them yet again that he has only been in office just over 60 days and is wrestling with problems he "inherited...
...that that the ship was slowly turning and the problems would be solved. Teachers and police officers were keeping their jobs, he said in his introduction, reading from a large TV screen. Stimulus tax cuts were finding their way into paychecks. Mortgage interest rates were at historic lows. A credit-crunch solution was in the pipeline. "So let's look towards the future with a renewed sense of common purpose, a renewed determination, and most importantly, a renewed confidence that a better day will come," Obama said...
...Though he spoke of the cooperation of the world's nations in addressing the credit crisis, Obama also applied some pointed pressure on major economic powers, including nations in Europe and Asia, that have yet to commit to sizable stimulus programs. "We don't want a situation in which some countries are making extraordinary efforts and other countries aren't, with the hope that somehow the countries that are making those steps lift everybody up," he said...