Monday, September 29, 2008

"Now we need to get the votes"

Was this comment yesterday afternoon from Nancy Pelosi supposed to be reassuring. A flawed financial package to take to a vote has been agreed upon but the lack of a sense of urgency on the part of Congress is receiving an unequivocal market reaction. Uncertainty is anathema to the markets. In the hands of the U.S. House of Representatives is a choice that is crucially important, and in the eyes of the markets, especially the global markets, the House is an especially unimpressive bunch of people. The opportunity for maximum impact has already been blown. Half measures availed us...

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