Plans for How to Get Out of This Place

The New York Times Opinion Page’s Room for Debate has a discussion: Is This What a Recovery Feels Like? My contribution is here. I was happy and surprised by how much Richard Koo’s debt overhang/balance-sheet recession influenced some of the other writers, though if that’s the case moves for more aggressive credit writedowns, mortgage lien-stripping, etc. should be front and center in the policy response debate.

It’s good to see that there has been a boost in debate and discussion on how we can get out of this crisis.

A New Way Forward has A Sustainable Economic Vision with five questions to ask your representative on pending bills that get us closer to goals of full employment, a financial transaction tax, liabilities caps for the major banks, mortgage lien-stripping and right to rent, matching political actions capable of getting us closer with progressive end goals.

New America has put out a The Plan B for Economic Recovery, asking thinkers about what can be done to booster the faltering recovery. I’d recommend checking out contributions from both Roosevelt Institute’s Marshall Auerback and Joseph Gagnon on Monetary Policy’s Role in America’s Economic Recovery.

I’d also recommend checking out Ezra Klein’s Blue Sky Series, which features articles on how to kick-start job creation by Center for American Progress’ Heather Boushey, Dean Baker, and Michael Lind.

It’s important to remember that there are still options on the table, both options that would be difficult to get through a stalled government next year but are worth fighting for, as well as those that move through the Federal Reserve, and would move better if Obama actually got his nominees to the FOMC.

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