Today's New York Times had two provocative reports. Angela Merkel is quoted as saying that "politicians can't and won't simply run after the markets." German politicians she presumably means. "The markets want to force is to do certain things," she continued in discussing the Euro-bond proposal, but "that we won't do. Politicians have to make sure that we're unassailable, that we can make policy for the people." What a refreshing idea, policy for the people.
Pimco chief investment officer Mohamed El-Erian is also quoted as arguing for more government investment at this crucial time--while also pointing out that in the long-term entitlements have to be reigned in. But short term, he argues for more direct government hiring, more investment in education and research, and more spending on desperately needed infrastructure updates.
Yes, but as the Times notes, this is a immanently sensible plan that probably has no political chance to succeed, or even be seriously discussed. A no go for Obama, but Merkel might be interested.
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