--- In AsburyPark@yahoogroups.com, [EMAIL PROTECTED] wrote:
>
>
> "Well, thereâs no question that fighting the crisis will cost a
lot of
> money. Rescuing the financial system will probably require large
outlays beyond
> the funds already disbursed. And on top of that, we badly need a
program of
> increased government spending to support output and employment.
Could next yearâ
> s federal budget deficit reach $1 trillion? Yes.
>
>
> "But standard textbook economics says that itâs O.K., in fact
appropriate, to
> run temporary deficits in the face of a depressed economy." --
Paul
> Krugman, (latest recipient of the Nobel Prize in Economic Sciences):
Classic Keynesian economics. From Todays's WSJ on the G-20
The problems plaguing the conference are part conceptual, part
political. It's far from clear how to stanch the economic crisis from
getting worse given the complex interaction between housing problems,
tightened credit, bank solvency and slumping consumer demand globally.
The IMF plans to use the conference to lobby nations for a big dose of
Keynesian pump priming -- running big budget deficits to cut taxes and
boost spending. The U.S. has started in this direction, but many
European countries are skeptical.
------------------------------------
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