Recovery?

The problem lies in the management of the recovery by the Obama administration. Billions have been poured into banks, but they prefer liquidity, the well-known liquidity preference-they have money to lend but not enough qualified borrowers to lend it to. The administration’s $787 billion budget, the American Recovery and Reinvestment Act, is a maze of red tape that doles out dollars to thousands of cities, states, federal government, and private organizations with no central command to decide who gets what and when. The result is a turf war, with delays, confusion, desperate citizens, and governors who won’t accept funds to help their own constituents. If you are skeptical about this being a mess, see “The American Recovery and Reinvestment Act” on Wikipedia or the Web site of your choice, and review the list of the thousands of jurisdictions that are working against each other and have to be consulted and placated, and understand how complicated and protracted a job that will be.