Well, to pass the TARP the politicians had to wait until they actually saw wall street tank heavily.
Fortunately the financial backers of congress people on both sides of the aisle have already placed their bets on default and stand to make a bundle off it, so don't count on the lobbyists breaking the deadlock and getting congress to actually solve this problem - as they did with TARP.
Then there are others who are hoping for another bail-out when the world financial system starts to seize up on default or downgrade of US debt: they made so much money on the last one.
Sadly, most of the OECD will yawn and say "let the Chinese have it," as Italy, France and England said about Spain to Christopher Columbus. Happily, the Chinese just might actually do something useful in space and thus save humanity from the dreadful plight of having all of our eggs in the fragile, tiny basket called Earth.
You've heard of "Disgusted, Tunbridge Wells"? Well, I live in Holland Park and I've Had It. Up to here! An old curmudgeon, I rant and rave about things I read, see or hear in the News. Frequently sarcastic, irreverent and libertarian; often wrong - but never uncertain.