Bad politics and urgent remedies

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.