Recipes for Recovery - Panel 2
With change in the air, and the economy in crisis, the New America Foundation's Next Social Contract Initiative and the Committee for a Responsible Federal Budget brought together leading experts to discuss potential short and long-term remedies for the nation's economic future. The morning session open with an address from Richard Medley, CEO of Medley Capital, who discussed what he sees as the coming conflict between traditional and alternative financial institutions. The first panel then explored the economic stimulus measures being proposed for the lame duck session of Congress. Do we need a stimulus package? If so, what is the appropriate balance between spending and tax cuts? And what form of stimulus is best suited to address weaknesses in the post-bubble economy? Former Michigan Governor John Engler, the Chairman & CEO of the National Association of Manufacturers, provided the mid-day keynote address -- offering the manufacturing perspective on the financial crisis, discussing how to help sagging state economies with an immediate infusion of federal spending, and outlining his proposal for a 25-year infrastructure investment strategy to increase the competitiveness of U.S. business. Following Gov. Englers address, a final panel turned to the longer-term implications of the Wall Street meltdown on regulatory policy, financial services and the federal budget.