by OLD1953 » Sun Aug 29, 2010 12:52 am
A paralyzed beast. Excellent description and exactly why nothing will be done but preserve the status quo.
http://www.nytimes.com/2010/08/29/weeki ... ted=3&_r=1
Six months ago, Alan Blinder, a former vice chairman of the Federal Reserve, and now an economist at Princeton, dismissed the idea that America’s political system would ever allow the country to sink into a Japan-style quagmire. “Now I’m looking at the political system turning itself into a paralyzed beast,” he says, adding that a lost decade now looms as “a much bigger risk.” Congress and the Obama administration have ruled out further stimulus spending. The Fed appears to be running out of powder. “Its really powerful ammunition has been expended,” Mr. Blinder says.
A paralyzed beast. Excellent description and exactly why nothing will be done but preserve the status quo.
http://www.nytimes.com/2010/08/29/weekinreview/29goodman.html?pagewanted=3&_r=1
Six months ago, Alan Blinder, a former vice chairman of the Federal Reserve, and now an economist at Princeton, dismissed the idea that America’s political system would ever allow the country to sink into a Japan-style quagmire. “Now I’m looking at the political system turning itself into a paralyzed beast,” he says, adding that a lost decade now looms as “a much bigger risk.” Congress and the Obama administration have ruled out further stimulus spending. The Fed appears to be running out of powder. “Its really powerful ammunition has been expended,” Mr. Blinder says.