Barack Obanma

February 20, 2009 - 10:39am
OP/ED

Torricelli on the economy, the stimulus package, and the nationalization of Citi Bank

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Former U.S. Senator Robert G. Torricelli

The economic crisis is deepening. The declining rate of employment, mortgage payments, international trade and GNP is accelerating.

The current danger is that the Obama Administration will interpret these facts as evidence of a recession that is simply deeper in scale than previous down turns. It isn't deeper, it's different. You can almost feel the structure of our economy coming unglued.

Simply pouring billions into conventional economic vehicles will do nothing except financially restrict other more important options. If ever there was a time to break conventional molds, this is it. The Obama Administration needs to forecast evolving events and begin implementing measures for the crisis as they're likely to be perceived in six months. Nobody this summer is going to believe that educational assistance and a modest road building program are a solution. We shouldn't fool ourselves now either.

Here are a few things that are aggressive now but likely to be standard international procedure by September:

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