If actions taken by the administration, the Congress and federal government are successful in restoring some measure of financial stability, and only if that is the case, in my view, there is a reasonable prospect that the current recession will end in 2009 and that 2010 will be a year of recovery.
Federal Reserve Chairman Bernanke discusses the potential for economic recovery if government actions are effective.
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The economy needed help from Congress--if not from additional spending (on roads and bridges for example), then at least in areas such as retraining unemployed workers.
As I have said many times, I think that fiscal policy is focusing a bit too much on the short run, and not enough on the long run.
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