Bad politics and urgent remedies

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My Monday column for the FT is a plea for rapid action on the stimulus.

You could not call the fiscal stimulus passed by the US House of Representatives last week, without a single Republican vote, a beautiful piece of legislation.


With luck it will be improved over the next few weeks. But if you believe, as I do, that a big stimulus is needed, a measure of this sort, however unlovely, is far safer than the likeliest alternative -- which is further protracted delay.


While Washington quarrels about the details in this absurdly complex proposal -- it runs to more than 600 pages -- the recession worsens.


Politicians seem unaware. Jobs are evaporating, the housing market continues to deteriorate, a fresh and even larger wave of mortgage foreclosures may be approaching, the financial system is prostrate. Meanwhile, Democrats dream their dreams about reinventing America and Republicans recite their anti-government catechism.

You can read the rest here.

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Clive Crook is a senior editor of The Atlantic and a columnist for Bloomberg View. He was the Washington columnist for the Financial Times, and before that worked at The Economist for more than 20 years, including 11 years as deputy editor. Crook writes about the intersection of politics and economics. More

Crook writes about the intersection of politics and economics.

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