Michael Dolan Dot Com

Tuesday, April 1st, 2008

Is it just me… or is the US Congress … well, you make the call

I couldn’t help but read this article and (assuming the journalism is accurate) concluding that Congress has absolutely no idea how to fix the problem. Some of these ideas are just ridiculous. And then the reaction seems to be “well, we need to pass something” – just “get it out the door” never seems to work and later just destroys any false confidence they may instill in the unknowing… bad, bad, bad.

Tuesday’s developments don’t guarantee a successful result, but both parties are under great pressure to produce a bill that can pass this year. There’s enough common ground for a bill, even though difficult negotiations remain on several fronts.

“Inaction is never an option when you have a crisis of confidence in the housing market and the financial market,” Shelby said. “The American people are looking to the Senate right now to see how we’re going to react to it.”