The Cost of Business as Usual on the Hill

Congress once again could not get out of its own way as it failed to pass the critical $700 billion rescue plan.

It seems no one on the Hill is willing to acknowledge the gravity of the financial crisis, because there seems to be no urgency to take the much-needed action to keep our entire financial system afloat. If Congress really understood how crippling this crisis is, they would know that inaction has a price as well.

As the broader stock markets tumbled, more than $1.2 trillion of value was lost — well beyond the cost of the proposed package. Instead, both sides of the aisle are more worried about pushing their agenda and pointing the finger at the other party in an effort to find blame or shirk responsibility.

Now is not the time for business as usual on the Hill; there will be time enough to show that the nature of our political system — both Republican and Democrat — is to blame.

In the meantime, what is striking is that many members of Congress expressed concern about giving too much “power” to the Department of Treasury for fear that Secretary Henry Paulson would abuse the position. It seems instead that Congress has abused its power to jockey for position while letting the markets, confidence and hope for Americans fall further.

If I were a member of Congress, I would quickly acknowledge or even concede (gasp!) that the financial and market experts don’t reside in the hallowed halls on the Hill, but rather with the Treasury, the Fed, and the leadership in those offices. Now let them do their jobs.