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The government – first under Bush and now under Obama – is developing a serious creditability problem with the business community with its zips and zaps as it tries to solve this crisis. Leaving aside the very big issue of lax enforcement and certain agencies that did not pick up on wrongdoing and rouge asset managers ( I am looking at you SEC) I have been sympathetic with both administrations as they have grappled with this crisis: after all, they are dealing with an incredibly complex and interlocked economic meltdown, unable to consult the history books to map our way out. But shifting back and forth -and then back again – on strategies is not helping. FDIC is sending off signals that it is no longer going to package up and sell off toxic debt (tinyurl.com/p3gclf). Is PPIP next? A straight answer would be nice.

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