A deficit of leadership

chuam

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The financial crisis being felt around the world will get worse - unless strong actions are taken by governments. The strongest action of all is required in the United States, where this global maelstrom originates.

Part of America's economic problem today is a crisis in confidence - in its central bank, the Federal Reserve, in the regulators, in the Bush administration, in the political process. The way the crisis arose, and the way it has been handled, has provided ample reason for that lack of confidence. Bravado statements that everything is fine, followed by unprecedented and non-transparent bailouts and precipitous decreases in interest rates, has led to confidence in the Fed and the administration plummeting, as has confidence in America's banks and their ability to manage risk.

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