It was fine to rack up a giant bill when it came to the banks, but not when it comes to providing education for children or providing welfare to those trying to survive the worst job market in 80 years.
Fixing our attention on the currency issues is a distraction, and takes our eyes off the core issues that will keep our lead in our economic power. And that is not China's problem. It is America's problem.
Our friends down under have set a benchmark for the U.S. We don't usually look beyond our boarders for lessons on domestic policy, but Australia has recognized employment relations as central to economic vitality.
With Summers, Geithner, and Bernanke working closely with major investment bankers to restart the system of securitization, there will be a titanic struggle over what kind of regulatory system to have going forward.