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Politics : Formerly About Advanced Micro Devices

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From: tejek	2/16/2009 5:18:11 PM
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Obama at the Helm With the World in Recession Lee Kuan Yew, 02.11.09, 06:00 PM EST Forbes Magazine dated March 02, 2009 America's recession has spread worldwide, and there has been no decoupling--for any country--from the American economy. If the U.S. does not recover, the EU will not bounce back. Other economies cannot make up the decline in demand. Asia's leaders hope that America's $800 billion-plus stimulus package will create the 3.7 million jobs President Barack Obama is targeting, which in turn will generate a more confident mood. Asians are rooting for the new President and his team to succeed. Mr. Obama has chosen some of the most experienced and able minds to fill key economic positions in his Administration. Tim Geithner, Larry Summers, Paul Volcker and Christina Romer are four of the most highly respected experts in their fields. The next nine months will give us a fair assessment of how long and how deep this downturn is going to be. The President has also not been hesitant to appoint men and women to other Cabinet posts who are more capable and knowledgeable in their areas of expertise than he is: General James Jones as National Security Adviser, Robert Gates as Secretary of Defense and Hillary Clinton as Secretary of State. But when these powerful, strong-willed individuals clash on policy--as they inevitably will--the President will have to make decisions. Obviously he has confidence that he can master their detailed arguments and decide among differing solutions. Views From the Fed Federal Reserve Chairman Ben S. Bernanke has stated that to stabilize and revive the ailing U.S. economy more must be done to strengthen the financial system. Such fiscal actions as passing the stimulus package are unlikely to promote a lasting recovery. Bernanke said stronger measures are needed, such as removing troubled assets from the balance sheets of financial institutions. Whatever candidate Obama may have said about protecting American jobs, any move to restrict trade by Congress and/or his Administration would trigger protectionist forces across the world, setting back the global economy even further. forbes.com

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