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Monday, September 29, 2008

US House of Representatives votes against Paulson plan

The vote against the Paulson plan by the US House of Representatives demonstrates the need to get the politics right too when approaching this financial crisis. Wall Street's political power is at a low ebb at present, compared with the votes of US citizens concerned about their jobs and many with their own debt problems.

It is interesting that there was also a clash of approaches, with some Republicans calling for a more market orientated plan. Whatever the eventual solution, somewhere down the line bad debts need to be recognised for what they are; bad debts. And action has to more clearly address voters' concerns.

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