I am with the G-19

During the recent G-20 conclave, Obama tried hard but failed to get the European heads of state to commit additional stimulus packages in their own countries in his ongoing efforts to try and kick start the economy back to speed. However, almost all the other heads of state are fixated on more market regulations and other long-ranging measures. I must admit, although I am a staunch Obama supporter - I am squarely with the G-19 on this issue.

Simply pumping more and more billions into the market, without the needed checks and balances in place, is not going to bring true economic revival. True, it will make the investors (read, speculators) happy, and helps drive up the indexes. However, the fallacy of this policy is that once the stream of stimuli stops coming, the market (again read, speculators) will have nothing else to speculate upon and drive down the markets. Because, I believe, 'the fundamentals of the economy are not strong' (to borrow from Joe, the Also Ran). These investors look for each and any such stimulus or short term gains news and pump up the market, as we have seen recently. Once that stops, they run out as fast as they came in - at the expense of common man, thus wreaking further havoc on the psyche.

So, even if it is painful, I'd say - stay the course; strike the iron while it is hot - bring in the correct checks and balances needed for the long term health of the system, rather than announcing one package after another. That's what we expect of the man with the vision - long term vision, i.e.

Swasti!!