I think all three candidates had better be prepared with an intelligent plan for the credit markets in the next few days. They may be taking over in a deep recession, and they'd better start telling us now how they plan to deal with it. Whatever they say, it will not be what they end up doing, because the situtation is fluid. But it will tell us two crucial things:
1) Can they react quickly to a crisis?
2) What's their approach to solving economic problems?
Where's Austan Goolsbee when you need him?
2) What's their approach to solving economic problems?
Pull out of NAFTA!
Was it B. Clinton who appointed Bernanke?
A financial market policy really falls to experts; some business types know Main street economics, but not as many know financial markets.
MM is smart to get this point out there to the candidates, so I guess I'm saying there's another dimension:
3)How do they handle a crisis where they must rely on other people to recommend solutions?
Megan McArdle writes:
I think all three candidates had better be prepared with an intelligent plan for the credit markets in the next few days.
It is ten months until one of them becomes President. Given that Bear Sterns was a going concern a few days ago any "intelligent plan" they come up with in the "next few days" will probably be irrelevant when they actually do enter office.
So far Obama felt the need to blame President Bush for everything, Clinton didn't say anything of substance (ironically), and we haven't heard a peep from McCain. Not promising.