I was elected to lead, not to read!

Well we are at crisis levels. The bailout, which plenty of people say won't work anyway, has stalled in an incredible fashion today. I won't try to give a run down of the issues at hand, but let's be clear that neither I, the President, nor both candidates fully understood the subtleties of our current pickle, despite the stellar briefings I'm sure they have all received. Apparently neither do any of our elected representatives because despite all of the calls for immediate action we are being greeted with limp and tepid responses carrying no weight. For clear explanation read these concise and lucid treatments of what's happening and why.

As Brad Setser points out, the balance sheet of the Fed reveals the huge nature of the deal. It's sad, and in this situation downright scary, that an election season filled with promises of bipartisan compromise has devolved into another typical session of Washington malaise. To be perfectly frank I'm ready for some good 'ole unilateral, unchecked decision making rather than this current handwringing and indecision. And besides, Paulson isn't nearly as bad as Russ Cargill.