ECONOMIC POLICY
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March 1, 2009
"Our Great Recession"
Op-Ed, New York Times
By Niall Ferguson, Member of the Board, Belfer Center for Science and International Affairs
Niall Ferguson discusses the recession which began in December 2007, by March had already lasted longer than the average postwar recession.
AP Photo
February 26, 2009
"The Black Hole in America’s GDP"
Op-Ed, Daily News Egypt
By Martin Feldstein, George F. Baker Professor of Economics at Harvard University
"Although the recently enacted two-year stimulus package includes a total of $800 billion of tax reductions and increased government spending, it would be wrong to think that this will add anything close to $400 billion a year to GDP in each of the next two years."
AP Photo
January/February 2009
"Priorities Before the President"
Magazine or Newspaper Article, India & Global Affairs
By Xenia Dormandy, Former Senior Associate, Belfer Center for Science and International Affairs
In order to create a truly strategic relationship, the Obama administration will need to go beyond the civil nuclear cooperation, drawing on areas of common concern and interest.
February 7, 2009
"Executive Compensation: What Obama's Plan Means"
Op-Ed, BusinessWeek
By Ben Heineman, Senior Fellow, Belfer Center for Science and International Affairs
"Given the public's white-hot anger over the financial sector's unwillingness or inability to ease credit since TARP I and seemingly tone-deaf acts by corporations receiving taxpayer dollars (indiscriminate use of corporate jets, for example), the forthcoming proposals on TARP II will likely be dead on arrival if they don't appear to be tough on
executive compensation."
February 4, 2009
"Beyond the Age of Leverage: Alternative Cures for the Global Financial Crisis"
Op-Ed, Financial Times
By Niall Ferguson, Member of the Board, Belfer Center for Science and International Affairs
"At last week's World Economic Forum at Davos there was much retrospective finger-pointing--Russia and China blamed America, everyone blamed the bankers, the bankers blamed everyone--but little in the way of forward-looking ideas. From where I was sitting, the majority of attendees were still stuck in the Great Repression: deeply anxious, but fundamentally in denial about the nature and magnitude of the problem."
AP Photo
February 3, 2009
"The case for fiscal stimulus in U.S."
Op-Ed, The Korea Herald
By Martin Feldstein, George F. Baker Professor of Economics at Harvard University
"Now, however, increased government spending and the resulting rise in the fiscal deficit are being justified as necessary to deal with the economic downturn - a sharp change from the reliance on monetary policy that was used to deal with previous recessions."
February 2, 2009
"Beyond the Age of Leverage: New Banks Must Arise"
Op-Ed, Financial Times
By Niall Ferguson, Member of the Board, Belfer Center for Science and International Affairs
"Call it the Great Repression. The reality being repressed is that the western world is suffering a crisis of excessive indebtedness. Many governments are too highly leveraged, as are many corporations. More importantly, households are groaning under unprecedented debt burdens. Worst of all are the banks. The best evidence that we are in denial about this is the widespread belief that the crisis can be overcome by creating yet more debt."
AP Image
February 2, 2009
"A Tale of Two Cities"
Op-Ed, On Leadership at washingtonpost.com
By Ben Heineman, Senior Fellow, Belfer Center for Science and International Affairs
"The bonus backlash tells once again a tale of two cities which are sharply divided by culture----New York (driven by money) and Washington (driven by power)."
AP Photo
January 29, 2009
"An $800 Billion Mistake"
Op-Ed, Washington Post
By Martin Feldstein, George F. Baker Professor of Economics at Harvard University
"The problem with the current stimulus plan is not that it is too big but that it delivers too little extra employment and income for such a large fiscal deficit. It is worth taking the time to get it right."
AP Photo
January 28, 2009
"Economic Truth and Airport Parking Lots"
Op-Ed, Agence Global
By Rami Khouri, Senior Fellow, Middle East Initiative
"The current economic recession is a moment that cries out for an Arab leader who can speak truthfully to his people on the issues of the day that really matter -- including how many abandoned cars may be parked at the airport."
