The schwehrpunkt of this mess is American consumer confidence. Engender that and this nation and then the world will recover. To do that the great mass of Americans will have to be convinced that not only will there be a paycheck next week, but that the entire economy will not be surprised by some unforseen disaster caused by greed, lack of oversight, well meaning social stupidites, ideologies, or incompetence. In other words, confidence the government works.
So be sure what you propose CAN achieve it's purpose, and be prepared to throw everyone under the bus until whoever runs your little expeiments will ensure they carry through to success.
Anything else and you have failed before you have begun.
Be lonely, ruthless, and most of all, have no fear of failure, but instead substitute the readiness to do the next thing when failures begin to occur.
No Hamlet, Barack.
Fed Pledges Top $7.4 Trillion to Ease Frozen Credit (Update1)
Nov. 24 (Bloomberg) -- The U.S. government is prepared to lend more than $7.4 trillion on behalf of American taxpayers, or half the value of everything produced in the nation last year, to rescue the financial system since the credit markets seized up 15 months ago.
The unprecedented pledge of funds includes $2.8 trillion already tapped by financial institutions in the biggest response to an economic emergency since the New Deal of the 1930s, according to data compiled by Bloomberg. The commitment dwarfs the only plan approved by lawmakers, the Treasury Department's $700 billion Troubled Asset Relief Program. Federal Reserve lending last week was 1,900 times the weekly average for the three years before the crisis.
When Congress approved the TARP on Oct. 3, Fed Chairman Ben S. Bernanke and Treasury Secretary Henry Paulson acknowledged the need for transparency and oversight. Now, as regulators commit far more money while refusing to disclose loan recipients or reveal the collateral they are taking in return, some Congress members are calling for the Fed to be reined in.
"Whether it's lending or spending, it's tax dollars that are going out the window and we end up holding collateral we don't know anything about," said Congressman Scott Garrett, a New Jersey Republican who serves on the House Financial Services Committee. "The time has come that we consider what sort of limitations we should be placing on the Fed so that authority returns to elected officials as opposed to appointed ones."
In 2007 the public debt was 60% of the national GDP.
We are about to add SEVEN TRILLION PLUS in the span of a few months in an unanticipated, unbudgeted fashion.
Six months ago, nobody had any plans for this. This is not just this admin, the federal reserve has been around for a while
Who has a clue?