"Rescuing Our Jobs And Savings: What G7/8 Leaders Can Do To Solve The Global Credit Crisis"

[koganbot]

I AM TYPING IN CAPITALS BECAUSE EVERYONE AGREES THAT THE BANKS NEED CAPITAL AND I AM DOING MY PART.

OK, I've done my part. Happy Day Of Atonement.

The intro

13 leading economists from all walks of economics - and ignorant me has even heard of two of them (Eichengreen, DeLong) - say,

Without rapid and coordinated action by G7/8 leaders, this financial crisis* could turn into a jobs crisis, a pension crisis and much more...

Policy makers must move boldly to stabilise the financial system. The basic elements are:

--A quick bank recapitalisation with global coordination
--A guarantee of deposits and/or loans with global coordination
--Further, coordinated macroeconomic stimulus.

All the authors agreed on the first, many on the second and a good number on the third.

The essays

*It's a financial crisis, a jobs crisis, a pension crisis, a floor wax, a dessert topping...

Comments

Re: Cheer up, the sky is falling!

[koganbot]

http://krugman.blogs.nytimes.com/2008/10/09/dow-9000