Be it Obama or McCain, this one is the toughest to crack an probably the one that may make any U.S president hero, if he got the balls to take the U.S economy and future towards the intended and desired future.
Anyways here's the BusinessWeek's article:
So do you know what this means? This means that the natural progression of prosperity cycle may have to be disrupted (not by invoking a war which seems to be the easiest choice to many nations but by pushing innovation across all segments to combat the forces that are pressing hard against the global economy) in order to regain the position or else we are looking at some dismal decades up ahead. I guess it is also time to start writing about my "Novo Global Economy : The Regulated Jar'ing". Here's a copy of the sketch I drew while on my vacation in France. The detailed article will follow soon.
The economic crisis has been triggered by what economists call "structural shifts" in the global supply and demand for commodities, coupled with the meltdown in the mortgage markets and the ensuing credit squeeze. But this crisis is now moving into a whole new gear, creating a new set of economic conditions that have yet to be named. Call it "the frozen economy."
As pain reaches deep into the daily lives of ordinary Americans—irrespective of their creditworthiness—it will trigger unforeseen consequences for every corner of the marketplace. Nearly two-thirds of Americans already say they are cutting back on nonessentials, according to a new survey by Information Resources. But what's nonessential? Heat? Asthma medication? Shoes for your kids? A new yoga mat? At the same time, 57% of Americans interviewed last month by the Survey of Consumer Confidence reported that their financial situation had worsened—the poorest response since 1946, when the survey began. More than two-thirds of gross domestic product depends on consumer spending. But when the grass roots are frozen, nothing can grow.
The statistics tell a dramatic story, but people tell it better. So I went to Moody's Diner to listen.
Global Economy: The Unregulated Unjar'ing
Novo Global Economy : The Regulated Jar'ing
Nevertheless, this discussion is drawing a lot of attention. The citizens are talking now, the word is on the street and is hitting the regular Joe. We have to do something about it.