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10. 08. 2008

Gloomy forecast: For financial meltdown remedies, wait 'til next year

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You probably wouldn't expect to find advice on the current financial crisis in a science magazine. But Scientific American has posted a short article offering same. The piece has nothing specifically to say about Europe, now undergoing a meltdown of its own, albeit probably related to U.S. events.

"How to Fix the U.S. Financial Crisis" is by economist Jeffrey Sachs, director of the Earth Institute at Columbia University, who is best known for his high-profile, and sometimes controversial, analysis of economics in the developing world and sustainable development. Sachs argues that rescue legislation just passed by the U.S. Congress, while it may boost confidence, is not nearly enough to turn things around.

Among other measures, Sachs advises federal short-term loans to shore up lending between U.S. banks so as to keep capital markets operating. He also advocates easing repayment terms for mortgage holders and expanded spending abroad, especially in Asia.

His depressing forecast: several more months, minimum, of bad times in the U.S., and no serious additional action to fix things until after the new President Whoever takes office late in January.

Posted by Tam    Category: current affairs
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