A $1 Trillion Answer

After reading Globalization and Its Discontents, as the book essay assignment for our class, I just got so much interested in Joseph Stiglitz, currently a professor of economics at Columbia University. I like his view of the world, his mindset-care for poor-, and even his writing style. As a former chairman of the Council of Economic Advisers in Clinton Administation, he strongly believes that the government intervention(economic policies) is needed in case of the market failure, yet only with the right sequencing and pacing.

Here I would like to introduce a New York Times article about what Stiglitz thinks about the current economy and what the solutions are that he suggests.
Main Points is that a very big, yet WELL-DESIGNED stimulus is needed, at least $600 billion to $1 trillion over two years. Also, the government needs to provide health insurance to the unemployed and to the uninsured, and we need to do it quickly, possibly through an expanded and more efficient Medicare. Change the banks’ incentives or constraints is needed through judicious regulation.