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Every man expects 'The House' to do its duty!

After the US Senate agreed the modified bill to pump a life saving $700b into the USA economy, the rest of the world waits with baited breath to see if the House of Representatives follows and brings the world back from the brink of a global recession.

Readers will know that I abhor Government interference in free markets and always feel that the market will find its own level. Even if this entails banks going out of business and saving mergers of those that are weak. However, we live in dangerous times and after much thought over recent weeks I cannot see any other alternative.

In fact the bill should have already been passed but for the idiotic presentation of the facts to the American people and the callous nature of some politicians looking to score points in the last chance saloon.

The recovery of the world's economy can be kick-started by the increased liquidity brought to the inter-bank credit market and the spill over into Main Street. Not just main street USA but just about every High Street imaginable.

Make no mistake that it's on Main Street where the war will be won, not Wall Street and with some fortitude and common sense in the House of Representatives, the vote will go the way that we all need. Here is hoping anyway!

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Gary Wright

Gary Wright

Analyst

BISS Research

Member since

19 Sep 2007

Location

London

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277

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EBAday

EBAday is the annual event for European payments professionals organised by Finextra and the Euro Banking Association. This community has been created to deliver a forum for EBA delegates to exchange views on instant payments, open banking and new developments in payments processing and technology.


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