Presidential Candidate Obama's ideas for turning the economy

Austan Goolsbee, a professor of economics at the University of Chicago Graduate School of Business is senior economic adviser to Sen. Barack Obama's campaign:
The next President would immediately take three steps apropos of ordinary Americans in the real economy. To wit:

First,he would enact a comprehensive plan to help bring an end to the foreclosure crisis that threatens millions of families. He would create a new FHA Housing Security Program to provide significant incentives and guarantees for lenders to buy out mortgages that exceed the value of homes and convert them into stable 30-year fixed-rate mortgages that homeowners can afford.

Second, Obama would make sure that folks can have income via marketable skills. This plan would fund our desperate need for such investment of jobs development program and a job skills program to improve workforce. These can help prevent devastating job losses in manufacturing and construction especially. My comment: "Keys for Economic Understanding" would be a useful reference for job training under apprenticeship programs plus "Work and Study Cycle Theory" to be validated and implemented for updating and upgrading the labor force in the United States. Both academic references may be searched at www.ask.com.

Third, Obama's priority is to make sure that a housing crisis does not happen again. Bad behavior in the mortgage market should be avoided and installing the responsible oversight of credit markets that has been lacking on mortgages and credit cards which threaten to metastasize into the next version of the mortgage crisis. It also means increasing people's savings so they have something to fall back on when things go wrong; enacting long-run savings program would give virtually every worker in America's a portable pensiion savings account. Here I would refer to the Confucian philosophy that has influenced the tradition and customs of peoples in Asia. Such moral behavior maybe noticed in China,Japan and Korea with frugal lifestyle to be reflected in the high saving rate.

American economy and financial system face some serious challenges. Barack Obama is confident we can meet these challenges the way America always has - by coming together to ensure that our economy works for every working American.

Details are published by the Washington Post,March 24, page A13. I would detect the meeting ground of the East and the West in Sino-American Economics in particular. Both nations can learn from each other for mutual benefit. Francis Shieh a.k.a. Xie Shihao, a devoted student to study comparative economics. March 25,2008 at 7.25 a.m.