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Mon, 31 Aug 2009 00:00:00 GMT
Senior Fellow Douglas Elliott talks with Kai Ryssdal about how the Treasury has made close to $4 billion from its bank bailout, and whether it's actual profit.
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Mon, 27 Jul 2009 11:10:18 GMT
Treasury’s special inspector general issued a blistering report about the $750 billion TARP program, saying it has not been transparent in managing taxpayers’ money and hasn’t required enough disclosure from firms participating in the program. Douglas Elliott says despite the report, the TARP program appears to have prevented a financial meltdown, adding that the economy is showing some small signs of improvement.
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Mon, 15 Jun 2009 00:00:00 GMT
The economy is showing signs that it is likely bottoming out and heading toward a weak recovery, but we need to keep our optimism—and our policy actions—in check, argue Martin Baily and Douglas Elliott. Many risks remain for both the banking system and the larger economy, and they argue for increased focus on existing financial rescue plans and the banking sector.
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Tue, 09 Jun 2009 00:00:00 GMT
The Treasury Department has cleared the way for 10 big banks to start repaying $68.3 billion in taxpayer aid. The administration, however, plans to introduce new compensation guidelines that would apply to financial companies, including those that returned taxpayer money. What new federal restrictions, if any, should be imposed on the banks leaving TARP? More broadly, does this move by the Treasury Department show that its financial recovery programs are working? Douglas Elliott and other experts discuss these issues.
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Wed, 06 May 2009 00:00:00 GMT
In testimony to the Senate Banking Committee, Martin Baily and Robert Litan discussed the "too big to fail" conundrum, saying large institutions are necessary but must be regulated in a way that at least partially offsets the risks they pose to the rest of the financial system. They also say Congress needs to provide more Treasury TARP funds, maybe on a large scale, but that such a move will ultimately cost less than bank nationalization.
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Tue, 21 Apr 2009 00:00:00 GMT
Several prominent economists continue to push for the government to nationalize the nation’s weakest banks before they bleed the Treasury and taxpayers dry. Douglas Elliott says nationalization is risky and costly and therefore should be the last resort, but policymakers need to be ready in case it is needed. He writes a 15-step “survival manual” with suggestions for minimizing the damage from nationalization, especially the costs to taxpayers.
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Tue, 14 Apr 2009 00:00:00 GMT
Barry Bosworth and Aaron Flaaen summarize some research on the origins of the financial crisis and trace the evolution of the credit panic that hit in late 2008, its impact on the real economy, and the extraordinary policy actions that have been taken to mitigate the economic losses.
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Mon, 30 Mar 2009 00:00:00 GMT
The Treasury Department recently released its plan to fix the financial system, which rightly concentrates on reducing systemic risk, argues Robert Litan. While there are legitimate concerns about vesting such large responsibilities with any financial regulator, as long as there are financial institutions whose failure could lead to calamitous financial and economic consequences, then some arm of the federal government must oversee systemic risk and do the best it can to make that oversight work.
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Mon, 23 Mar 2009 00:00:00 GMT
Treasury Secretary Timothy Geithner’s plan announced on Monday to move some $1 trillion in toxic assets off of the balance sheets of the banks helps remove the uncertainty from the financial system although it will not fix the credit crisis on its own, according to Douglas Elliott. Strong concerns remain about whether the Public Private Investment Program (PPIP) will succeed—the program could either fizzle or prove to be too expensive for the taxpayer—but there are also some grounds for hope.
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Tue, 17 Mar 2009 00:00:00 GMT
In this article Martin Baily and Douglas Elliott discuss what it will take to stabilize the banks. They call for an adequate amount of capital to be injected into the banks and for the troubled assets be moved out of the banks or their impact neutralized. They agree that both of these actions will be very expensive for the taxpayers, involving significant risk of large future losses, but warn that the costs of stabilizing the banks will be very large indeed, and the sooner policymakers face up to that, the better.
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Wed, 04 Mar 2009 00:00:00 GMT
Putting the U.S. auto industry on the high road to recovery will require more than a quick financial fix. Susan Helper and Howard Wial urge automakers and the government to address the underlying impediments to their long-term viability.
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Tue, 03 Mar 2009 00:00:00 GMT
The administration’s new “stress tests” for the 19 largest banks will likely result in substantial new infusions of government money to bolster their capital. Douglas Elliott explains what “capital” is; how to measure whether a bank has enough of it; and what the stress test and capital proposals are. He applauds these actions as “right on virtually all counts.”
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Wed, 25 Feb 2009 00:00:00 GMT
Bank nationalization—the topic du jour in Washington and on Wall Street—means different things to different people. Although nationalization is a serious and extreme step with high social and financial costs, Douglas Elliott believes full nationalization may be needed only as a last resort for one or two of the nation’s larger banks, with more widespread nationalization unlikely. But, he says, it may make sense for the government to partially nationalize additional large banks now, in an effort to bring some certainty to the markets.
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Fri, 20 Feb 2009 10:20:10 GMT
As policymakers and the public have been focused on the stimulus and the bank bailout, there remain tough policy questions about how to get at the root cause of the current economic problems – how to fix the financial system for the long-term. Director of the Initiative on Business and Public Policy Martin Baily discusses Fixing Finance: A Roadmap for Reform, laying out the long-term issues.
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Fri, 20 Feb 2009 00:00:00 GMT
Critical decisions need to be made soon on the administration’s plan to create a public/private partnership to buy “toxic assets” from banks, including what the proper financial role of the taxpayer should be. Douglas Elliott argues that practical imperatives will push the government principally into the role of providing cheap financing and issuing guarantees of floor values for the securities, with little emphasis on buying assets directly as a co-investor. He believes the public should take the guarantor role, because it minimizes the potential downside for the taxpayer, although he acknowledges this is a subjective call based on tolerance for risk.
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Thu, 19 Feb 2009 00:00:00 GMT
President Obama hosted a Fiscal Responsibility Summit on Monday and set a goal of cutting the federal budget deficit in half by the end of his term. William Gale and Alan Auerbach analyze the long-term fiscal outlook. Under what they view as optimistic assumptions, they project the deficit to average at least $1 trillion per year for the 10 years after 2009 – even if the economy returns to full employment and the stimulus package is allowed to expire in two years. They say the longer-run picture is even bleaker. Although fiscal policy problems are usually described as medium- and long-term issues, they find that the future may be upon us much sooner than expected.
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Tue, 17 Feb 2009 00:00:00 GMT
Given the jerky path of the bailout efforts by two administrations over the past 18 months, it isn’t surprising others would want a crack. Robert Litan and Martin Baily say the teetering U.S. regulatory system is the place to start fixing. The Wall Street Journal talked with Litan to find out why the stimulus should start with regulators.
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Mon, 16 Feb 2009 00:00:00 GMT
As policy-makers and the public have been focused on the stimulus and the bank bailout, tough policy questions about how to get at the root cause of the current economic problems remain—how to fix the financial system for the long-term. Martin Baily and Robert Litan lay out a roadmap for reform, one that harnesses the forces of market discipline that were ignored in the run-up to the current crisis, which they say can and must be retained after the need for massive short-run government intervention has passed.
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Wed, 11 Feb 2009 00:00:00 GMT
Treasury Secretary Timothy Geithner’s $2.5 trillion bailout plan would create a public-private fund to buy up hard-to-sell assets from banks, inject more capital into banks and use Treasury and Fed money to finance up to $1 trillion in assets backed by consumer, auto and small business loans. Is this plan sufficient? Will it stabilize the financial system? Doug Elliott and other experts discuss these questions in a op-ed piece in the New York Times.
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Tue, 10 Feb 2009 00:00:00 GMT
Doug Elliott critiques the Obama administration’s new rescue plan for the banking sector announced on February 10, saying he agrees on the need for significant new capital injections, despite their political unpopularity, but argues that it is not at all clear that the proposed “bad bank” could be designed in a way that would make it better than simply guaranteeing toxic assets on the books of the banks. Elliott writes that the devil will indeed be in the details of the construction of the bad bank and the pricing mechanisms.
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Fri, 06 Feb 2009 13:20:50 GMT
As President Obama and Congress continue to consider how to jumpstart the economy, Fellow Douglas Elliott says that the plan must include dealing with the financial industry overall, its toxic assets as well as policies that work for consumers and businesses alike.
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Thu, 29 Jan 2009 00:00:00 GMT
The new administration and Congress soon will be debating how to spend the TARP’s second $350 billion—and possibly even more—to stabilize the financial system. Douglas J. Elliott explains three approaches: establishing a “bad bank”; guaranteeing toxic assets; and nationalizing one or more banks, and recommends the “least bad option”—a combination of toxic asset guarantees and a mild form of nationalization.
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Fri, 23 Jan 2009 00:00:00 GMT
Jason Bordoff argues that U.S. economic performance should be measured by how well economic growth raises the living standards of all Americans. He says that with the right policies and long-term investments we can achieve more broadly-shared prosperity.
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Fri, 23 Jan 2009 00:00:00 GMT
The Treasury’s Troubled Asset Relief Program (TARP) has been widely described as a “$700 billion bailout” but Douglas Elliott points out that it will cost a lot less in reality. A recent CBO report suggests the actual cost may only be a quarter of the amount committed. We must use accurate cost estimates, using methods like CBO’s, to make the best decisions about the commitment to save our financial system, which programs are funded, and how we execute the rescues.
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Wed, 21 Jan 2009 00:00:00 GMT
Treasury nominee Timothy Geithner went before a Senate panel Wednesday, answering questions on the financial crisis as well as his tax payment controversy. Martin Baily and other analysts mull what's ahead for Obama's economic agenda on NewsHour.
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Fri, 16 Jan 2009 00:00:00 GMT
Energy efficiency and conservation should be the cornerstone of President Obama’s economic stimulus program and energy efficiency plan, writes Charles Ebinger. He argues that the Obama administration should pursue measures that insure the middle class and those making $50,000 or less benefit from these types of programs.
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Thu, 15 Jan 2009 00:00:00 GMT
Martin Baily and Charles Schultze say the criticisms of Treasury’s handling of the first $350 billion of the Troubled Asset Relief Program (TARP) are misguided and that Congress should release the second $350 billion immediately with reasonable, enforceable rules. They say the program should be measured on the problems it has prevented from happening, and that the new funds should be used for their intended purpose: bank recapitalization to limit further contraction of lending.
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Thu, 08 Jan 2009 13:30:00 GMT
Event Information:
- January 08, 2009, 1:30 PM to 3:00 PM
On January 8, the Brookings Institution hosted Assistant Secretary of the Treasury Neel Kashkari for an update on recent actions related to the Treasury Department’s $700 billion financial stability program. Full event audio is available for download.
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Wed, 31 Dec 2008 11:22:33 GMT
Senior Fellow Gary Burtless says the credit crisis has resulted in a serious domino affect for the auto industry where the consumer can’t borrow to buy cars and auto makers can’t borrow to stay afloat – this can have a profound impact on unemployment rates, he notes.
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Wed, 24 Dec 2008 12:12:14 GMT
Brookings Guest Scholar Bill Frenzel, a former Member of Congress, says federal legislators should tread carefully when considering bailing out failing businesses.
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Fri, 12 Dec 2008 00:00:00 GMT
Emergency federal funds will keep General Motors and Chrysler solvent for a few more months but the automakers’ outcome is still uncertain. If plants are closed, a blow is struck to the regional economies of 50 metropolitan areas. Most are located in the Great Lakes region, but the loss of jobs and income would stretch to metros as far flung as Huntsville, AL; Ogden, UT; and Ithaca, NY.
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Thu, 11 Dec 2008 10:00:00 GMT
Event Information:
- December 11, 2008, 10:00 AM to 11:30 AM
On December 11, Brookings hosted the sixth of 12 events to provide timely policy recommendations and political advice to the incoming president and his transition team. Brookings Senior Fellow Martin Baily offered policy solutions and priorities for the president-elect on the financial meltdown and the struggling housing market.
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Wed, 10 Dec 2008 12:30:00 GMT
Event Information:
- December 10, 2008, 12:30 PM to 1:30 PM
A new administration is an opportunity for restoring confidence in the U.S. economy through greater transparency in how the financial system works and through new regulations that assure that such a crisis will not happen again. On December 10, Martin Baily answered questions in a live web chat with Politico about fixing our troubled economy.
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Tue, 09 Dec 2008 00:00:00 GMT
Sarah Binder and Mark Spindel suggest that Congress should amend the $700 billion Troubled Assets Relief Program in several ways, including a rewrite of the conditions put on institutions that take TARP dollars. It is not too late to fix the mistakes made in the rush to enactment, they write.
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Mon, 08 Dec 2008 00:00:00 GMT
The bankruptcy and liquidation of any of the Big Three automakers would represent a serious body blow to an already weak and declining economy. Garry Burtless discusses the possible impact of an automaker collapse.
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Fri, 05 Dec 2008 00:00:00 GMT
Gary Burtless argues that the Big 3 deserve federal help for two reasons: humanitarian -- avoiding worker layoffs at a time when new job prospects are so bleak, and simple self interest because the failure of one or more of the Big Three would inflict a terrific blow to consumer and investor confidence. The pain of adjustment and the scale of the job loss from the industry's reorganization can be lessened if the industry gets the government loans, rather then letting these firms disappear.
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Wed, 03 Dec 2008 00:00:00 GMT
In an online debate, Gary Burtless argues that federal loan guarantees to an industry in trouble are nothing new. Chrysler in the 1979 and the airlines after 9/11 received government loans and it helped them get back on their feet. He also questions whether Congress can judge the plans the Big 3 have presented to them, and believes a competent executive board should be created to negotiate the terms.
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Thu, 27 Nov 2008 00:00:00 GMT
Robert Crandall and Clifford Winston discuss a proposal for automakers they think will cost taxpayers less and, in the long run, be more beneficial to labor and the overall economy than either a straight bailout or bankruptcy.
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Mon, 24 Nov 2008 00:00:00 GMT
In the third installment of the Fixing Finance series, Martin Baily, Robert Litan and Matthew Johnson conduct a thorough analysis of the origins of the financial crisis. They conclude that the crisis had its origins in an asset price bubble that interacted with new kinds of financial innovations that masked risk, with companies that failed to follow their own risk management procedures, and with regulators and supervisors who failed to restrain excessive taking.
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Tue, 18 Nov 2008 00:00:00 GMT
Congress is considering legislation that would extend loan guarantees to the U.S. auto industry. Gary Burtless argues that a government bailout would help save American manufacturing jobs and could give taxpayers a good return on their investment.
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Wed, 12 Nov 2008 00:00:00 GMT
Alice Rivlin and other economists discuss Treasury Secretary Henry Paulson's announcement Wednesday that the government will shift its focus from buying troubled assets to shoring up institutions that manage credit cards, auto loans and other types of borrowing.
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Mon, 27 Oct 2008 00:00:00 GMT
Three weeks after the $700 billion bailout, Kai Ryssdal of Marketplace chats with Doug Elmendorf about the bailout and who's lining up to get their share.
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Tue, 21 Oct 2008 00:00:00 GMT
In testimony before the House Committee on Financial Services, Alice Rivlin says that pundits have pronounced the death of capitalism prematurely, saying it is far too powerful a tool for increasing human economic well-being to be tossed aside. She believes there is plenty of blame to go around for the current crisis, and lays out steps to fix regulatory gaps, eliminate perverse and conflicting incentives and clarify and strengthen the roles of the current regulatory agencies.
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Tue, 14 Oct 2008 16:24:38 GMT
The federal government’s decision to take equity stakes in private banks to help shore up the battered economy is a step in the right direction, Barry Bosworth says, and he adds that more needs to be done – particularly on the housing front.
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Fri, 10 Oct 2008 00:00:00 GMT
With fears of a global recession pounding markets worldwide, many are watching closely to see if the U.S. Treasury can quickly implement the recent bailout package in a way that stabilizes the financial markets and unfreezes credit. Brookings experts Martin Baily and Robert Litan take a look at the Treasury Department’s chances of success and argue that the omens thus far are “not encouraging."
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Mon, 06 Oct 2008 00:00:00 GMT
The financial rescue package has been signed into law, but what happens now? Sarah Binder has been watching this story develop, and discusses her thoughts on The Federal Drive with Tom Temin and Jane Norris.
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Mon, 06 Oct 2008 00:00:00 GMT
As part of our ongoing series covering the financial crisis, Martin Baily, director of IBPP delivered a presentation at the NABE Meeting on October 6, 2008 on the cause of the current financial crisis and the domino effect that permeated the financial markets, and provided measures to be implemented to prevent another financial institution meltdown.
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Thu, 02 Oct 2008 00:00:00 GMT
Despite the urging of President George W. Bush and congressional leaders, the all-out push for a $700 billion bailout for the nation’s beleaguered banks ended in failure on September 29. Even though party leaders called on their members to cast votes for the nation’s financial welfare, legislators responded by casting votes for their own electoral safety, writes Sarah Binder and Mark Spindel in an opinion that examines why the bill failed.
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Wed, 01 Oct 2008 10:00:00 GMT
Event Information:
- October 01, 2008, 10:00 AM to 12:00 PM
Days of uncertainty on Capitol Hill finished with an economic rescue package, quickly signed by the president. Brookings economic, budget and congressional experts gathered mid-week to discuss the $700 billion question. Alice Rivlin said the bailout package will be successful if it gets credit flowing again. Others expressed concerns about whether the oversight in the legislation would be effective.
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Tue, 30 Sep 2008 09:52:17 GMT
As lawmakers scramble to figure out next moves on the financial crisis after the House voted down the rescue package, Martin Baily urges Congress to takes steps to avert a “nasty recession.” Although the actions in Washington are to shore up financial markets in New York, Americans everywhere have a lot at stake.
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Fri, 26 Sep 2008 14:43:48 GMT
Policy-makers spent a long weekend hashing out details on legislation that would provide up to $700 billion to purchase Wall Street assets, new oversight authority and more foreclosure prevention. Former Federal Reserve Vice Chair Alice Rivlin explains how mortgage securities unraveled, how the deal makers prevailed and what this will mean for the next administration.
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Thu, 25 Sep 2008 00:00:00 GMT
As other emerging markets watch the U.S. financial crisis with caution, they might be even more wary to adopt the free-market principles that guided the development of the U.S. financial markets. Eswar Prasad argues that this is the wrong lesson to take from the crisis, however, and urges emerging markets to instead learn from the U.S. lessons on fraud, corruption, and government interference and regulation.
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Tue, 23 Sep 2008 00:00:00 GMT
Given the slew of questions that have been raised about the $700 billion bailout of Wall Street firms, Congress is right to reject open-ended grants of power at untold cost, writes Sarah Binder. But, if Congress fails to grant new powers to the Treasury, it risks deepening—and being blamed for—the greatest financial crisis since the Depression. Binder offers basic ground rules on how Congress should proceed.
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Tue, 23 Sep 2008 08:45:00 GMT
Event Information:
- September 23, 2008, 8:45 AM to 12:00 PM
Turmoil in the U.S. housing and financial markets continues, as evidenced by the recently announced rescue plan for mortgage giants Fannie Mae and Freddie Mac and the latest financial turmoil involving Lehman Brothers, Merrill Lynch and AIG. On September 23, The Hamilton Project released three new discussion papers and hosted a three-panel policy discussion on various aspects of the housing and credit markets.
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Mon, 22 Sep 2008 00:00:00 GMT
The U.S. financial crisis has profound implications for emerging markets given the integrated and global nature of today’s economy. Mauricio Cardenas, director of Brookings’s Latin America Initiative, examines the likely impact on Latin American economies and discusses how they might deflect some of the aftershocks from the U.S. economic crisis.
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Mon, 22 Sep 2008 00:00:00 GMT
Martin Baily and Robert Litan analyze the long-term implications of recent and proposed government efforts to stabilize the markets and the economy at large. As Congress considers legislation this week, Baily and Litan stress the importance of understanding how and why the dominoes fell, and most important, they advocate important systemic fixes: transparency, institutional liquidity and better oversight and tools given to regulators.
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Fri, 19 Sep 2008 00:00:00 GMT
Tumult in financial markets continues to rattle the nation and spur government response. Douglas Elmendorf offers his analysis on how government funds might be best injected into the crisis-ridden economy. He weighs several approaches, from buying mortgage-related debt and other troubled securities to investing in a wide range of financial institutions.
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Wed, 17 Sep 2008 00:00:00 GMT
In the wake of the federal bailouts of Bear Stearns, Fannie Mae, Freddie Mac and AIG—yet no lifeline for Lehman Brothers—serious institutional questions have arisen about the government’s role in the overall economy and where Uncle Sam draws the line. Robert Litan examines the ever-changing situation and whether these actions have changed the face of capitalism as Americans know it.
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Wed, 17 Sep 2008 00:00:00 GMT
As the financial sector continues to suffer and the crisis grows deeper, Ken Rogoff examines the future costs of fixing the U.S. system and explores issues of regulation and the strength of the U.S. economy in a globalized context.
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Tue, 16 Sep 2008 17:03:01 GMT
At a Brookings conference on consumer payments, sponsored by the Initiative on Business and Public Policy, David H. McCormick, under secretary for international affairs at the U.S. Treasury Department, addressed the current difficulties in U.S. financial and housing markets. "We are ... confident," said McCormick, "in the resilience and diversity of the U.S. economy and that we will move through these difficulties, just as we have moved through difficult periods in the past."
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Mon, 08 Sep 2008 00:00:00 GMT
Douglas Elmendorf offers his views on the federal government's plan, announced on September 7, to take control of troubled mortgage lenders Fannie Mae and Freddie Mac. He says "it ensures that the government has full control over the enterprises so that long-run decisions about our system of housing finance can be made in the best interest of society as a whole."
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Mon, 08 Sep 2008 13:50:36 GMT
The Treasury Department’s decision to place Fannie Mae and Freddie Mac in a conservatorship could signal a turning point in the credit crisis that has troubled investment banks for nearly a year. Brookings fellow and former OMB Deputy Director Alice Rivlin examines the impact and the importance of the action.
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Tue, 29 Jul 2008 00:00:00 GMT
Martin Mayer argues that Congress has given the Bush White House yet another chance to operate outside the Constitution by giving Treasury Secretary Henry Paulson the go-ahead for his two-part plan to salvage Fannie Mae and Freddie Mac, the government-sponsored mortgage companies — a blueprint that violates fundamental American principles in two worrisome ways.
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Fri, 18 Jul 2008 00:00:00 GMT
Recent government efforts to shore up Fannie Mae and Freddie Mac reveal the ambivalence of Americans towards whether these mortgage giants should be more like private corporations or public utilities. Alice Rivlin suggests that, if taxpayers put credit on the line and take the risk of losing, they should also be allowed to share in the gains. She suggests at least partial government ownership and public appointees to the Board.
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Wed, 28 May 2008 00:00:00 GMT
The following remarks were delivered by Alice Rivlin during a luncheon speech at the State on Foreclosures and Housing Solutions hosted by the National Governors Association. Illustrating the effects of both the credit and foreclosure crisis providing reasons for optimis in the current state of the economy.
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Fri, 16 May 2008 00:00:00 GMT
With the U.S. financial system still in a perilous state, Martin Baily, Doug Elmendorf and Bob Litan diagnose what caused the crisis and offer prescriptions for policy change. The authors of this new Brookings paper address two challenges: to resolve the immediate problems and to reduce the likelihood that these problems recur.
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Fri, 16 May 2008 10:00:00 GMT
Event Information:
- May 16, 2008, 10:00 AM to 12:00 PM
How could America's sophisticated financial system go so wrong and cause so much damage? Martin Baily, Douglas Elmendorf and Robert Litan answered that question in a new paper released at this public forum. The authors, following opening remarks by FDIC Chairman Sheila Bair, put forward a specific agenda of policy actions to reduce the chance that history repeats itself.
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Wed, 14 May 2008 00:00:00 GMT
Even though billions of dollars of mortgage-related loses have yet to be declared, Doug Elemendorf offered Joint Economic Committee members four principles to guide reform of the troubled financial system. His diagnosis and prescriptions are based on a new Brookings report to be released Friday.
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Fri, 11 Apr 2008 00:00:00 GMT
Alice Rivlin discusses why the recent rescue of Bear Stearns by the Federal Reserve, was "money well spent." The Fed's actions, she says, were aimed at "protecting the rest of the country—and indeed the world—from the possibly devastating consequences of a financial meltdown."
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Thu, 10 Apr 2008 00:00:00 GMT
Congress and the administration are moving forward in myriad ways to boost beleaguered homeowners and put the economy back on track. Doug Elmendorf, testifying before the Senate, urged policy-makers to expand the role of the Federal Housing Administration to help families in trouble refinance their mortgages, and offered comments on the compromise Senate housing bill.
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Mon, 17 Mar 2008 00:00:00 GMT
Brookings Expert Alice Rivlin comments on the Federal Reserve's decision to back the crumbling financial institution Bear Stearns.
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Mon, 17 Mar 2008 16:42:08 GMT
Over the weekend, the Federal Reserve bailed out Wall Street giant Bear Stearns in an effort to steady the nation’s bumpy economy. Hamilton Project Director and Senior Fellow Jason Furman says it was a necessary stop-gap for our troubled economy.
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Fri, 29 Feb 2008 00:00:00 GMT
Without government action, mortgage foreclosures will rise steeply for the next several years, argues Doug Elmendorf. He analyzes the wide range of proposals for tackling this problem, arguing that policy-makers should weigh the fairness of alternative approaches and effects on future mortgage credit, as well as the consequences of inaction.
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Tue, 26 Feb 2008 00:00:00 GMT
Alice M. Rivlin testified before Congress on the current economic situation and what policy makers can do to curb a possible future recession. "The Federal Reserve has used the tools in its limited arsenal aggressively and imaginatively and clearly indicated its intention do more if necessary," she said.
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Tue, 05 Feb 2008 00:00:00 GMT
Isabel Sawhill argues that the fiscal stimulus package is a good idea, but is merely a stopgap that will do little to change the fundamental problems. She says that Congress should not lose sight of how the economy got to where it is and what is needed to prevent such vulnerabilities in the future.
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Wed, 30 Jan 2008 00:00:00 GMT
Will the economy get a much-needed boost from a stilmulus package? In a week long Los Angeles Times 'Dust Up' series, Jason Furman, a Brookings scholar and an advisor to President Clinton, and author-economist Steven E. Landsburg discuss the U.S. economy and the recently announced stimulus package.
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Tue, 29 Jan 2008 00:00:00 GMT
A stimulus package, especially with major add-ons, could exacerbate the already ominous long-run deficit picture. Alice M. Rivlin testifies that the deficit increase associated with the stimulus represents a risk worth taking in order to reduce the chances of recession.
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Thu, 10 Jan 2008 10:00:00 GMT
Event Information:
- January 10, 2008, 10:00 AM to 12:00 PM
The Hamilton Project convened a roundtable of experts to discuss what economists know about fiscal stimulus – if it is appropriate, when should it be implemented, and how should it be done. Former Treasury Secretary Robert E. Rubin was joined by Harvard University Professor Martin Feldstein, Brookings Senior Fellow Alice Rivlin, Brookings Senior Fellow Douglas W. Elmendorf, and Hamilton Project Director Jason Furman for this important policy discussion.