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Coherent financial, fiscal and monetary measures are all needed. All three will have direct effects on demand. But, as importantly, they will help reduce uncertainty, lower risk spreads, and get consumers and firms spending again. If policymakers act decisively, private demand will recover sooner rather than later. And, within a . But a sense of history, some basic economics, common sense and just a dash of congenital optimism leave me convinced that this one won't be all bad.
Oh, sure, there will be layoffs like we haven't seen since the Great Depression. And you can expect to see a proliferation of empty storefronts and a heap of broken Businesses.year or less, we can be on the path to recovery. 2008 wasn't just a bad year. It was an awful year. A Johnstown Flood kind of year. The kind that wipes out proud, century-old institutions, decimates entire industries, and leaves everyone decidedly poorer and the world profoundly shaken in its wake.Enough of that. On to 2009.I have no crystal ball