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...period of sustained economic growth in U.S. history as President Clinton’s Treasury secretary from 1999 to 2001.And with the U.S. scrambling to recover from the worst financial meltdown since the 1930s, some have argued that the Treasury needs a leader with the experience required to make bold decisions.“The next Treasury secretary will have to do a number of things for which they will get blamed after the fact,” said Richard Zeckhauser, Summers’ colleague at the Harvard Kennedy School. “We need someone who is willing...
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There was even bigger news from China, where the government announced a $586 billion stimulus package in an attempt to soften the blow of the coming recession. The China package was big and bold - and a tacit challenge to the Obama Administration. It represented 18% of the Chinese gross domestic product, the equivalent of a $2.4 trillion program in the U.S. Of course, China has bigger problems to solve than we do. Its social safety net is made of tissue; vast sums will be needed to establish a proper health-care and pension system. But much of the $586 billion...
...that's where the challenge is: if we don't want to be left behind, we will have to do something similar. Obama has said building an alternative-energy economy will be his top priority. The question is, How bold is he willing to be about that? Actually, there are a lot of questions: How much of the stimulus plan he proposes in January will be devoted to immediate middle-class tax relief, and how much to investing in the future? What would a plausible alternative-energy plan look like...
Rumor had it that the seven-minute walk from the Charles to Widener was soon to be instantaneous, as Google launched its bold book-scanning project. Seen by many as a noble, if dauntingly large venture, the project promised to provide accessibility and protection for the world’s literature in digital form. Unfortunately, over 300 publishing companies did not agree; and their opposition found legal sanction in a 125 million dollar settlement, halting the scanning of material still under copyright. Harvard University, which has been cooperating with Google and four other libraries, decided to extract itself from...