I became interested in the issues related to the global economic crisis because the impact to people’s lives is tremendous. Yesterday, the USA Treasury Secretary Timothy Geithner unveiled the public-private plan, which is to buy up to $2 trillion in toxic assets that are weighing down the USA banks.It is very intersting to see that the New York Times called four economists — Paul Krugman, Simon Johnson, Brad DeLong and Mark Thoma — to tackle this question: Will the Geithner Plan Save USA? Click each name for their opinions:
- Paul Krugman, Op-Ed columnist, Princeton University
- Simon Johnson, M.I.T.
- Brad DeLong, U.C. Berkeley
- Mark Thoma, University of Oregon
My general impression, after reading these experts’ opinions, is that this plan is very risky and will not be likely work; the eventual step might be the bank nationallization, which will see a lot of resistance from the Senate.
It also seems to me that China has certain advantage in the banking system as most of the banks were already nationalized 60 years ago. But because of the corrupted the political system, I think China is suffering from another set of problems in this crisis.
What can we do as a person to help to recover from this crisis?
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