Election Connection

How Do You Fix a Broken Economy?

Today, President Bush signed a bill aimed at providing housing relief. But what will our next president need to do to stave off more trouble?

As economic woes have crept back to center stage in the campaigns, it's fascinating to look at how past presidents have dealt with a faltering market.

Recently, the federal government decided to bail out Fannie Mae and Freddie Mac. In the late Eighties, it was the first President Bush who cleaned up the savings and loan crisis, taking a political risk that may have cost him re-election.

Giving some perspective on the current housing troubles, economist Allen Sinai told NOW's David Brancaccio in a March podcast "What we have in the current situation is classic. We had a boom." "The boom gave us a bubble in the price of residential real estate and we now have an asset price bubble that has burst," he said. "We're in a recession now, and this was a lever."

But is it really a recession? A Nightly Business Report piece explores the definition of recession and the varying opinions of where we actually stand.



P Cover said:

I am in bankruptcy, my home in foreclosure. I blame the amoral practices of big business. No more money for them. They can struggle like their victims - us!

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