Experts Offer Obama Ideas On Economy
Professor Joseph A. Grundfest is quoted in the Knoxville News Sentinel in a story about how President-elect Obama should go about stabilizing the economy and re-engineering the financial system:
One of Barack Obama's most crucial and challenging jobs in the White House will be stabilizing the economy and re-engineering the financial system.
What do financial and economic experts put at the top of the next president's to-do list? Here are some ideas:
"You have to get credit moving. It's not enough to recapitalize banks if the banks sit on their capital and don't lend. More of that has happened than active lending," says Stanford Law School Professor Joseph Grundfest.
"We need to stimulate the economy in a way that creates dividends - something smarter than dropping helicopter money," Grundfest says. Rebates "are like a sugar rush. You feel good for a while, but it doesn't build strong bones or better minds."