The Great Depression could be viewed in retrospect as a blessing in disguise, as it induced introduction of radical reforms in the form of the New Deal. But the measures taken so far by the Bush and Obama Administration are nowhere near the measures taken under the leadership of Franklin Roosevelt through his New Deal program. The major component of the New Deal package was Social Security and Medicare for senior citizens. In the case of President Obama, by implementing a nationalized universal health care system, he can equal the achievement of his esteemed predecessor. Indeed, as Paul Krugman and other eminent economists point out, unless the new administration is ready to take political risks and make bold decisions, the recovery of the housing market and the broader economy remains far off. The completion of its implementation would decide the future of the housing market as well as that of the broader economy.
Brummer, Alex. “This Pandemonium Will Hurt Us All; America’s Housing Bubble Has Burst: It’s the Price of Making Easy Money from the Poorest in Society, and We Could Have Seen It Coming.” New Statesman 20 Aug. 2007: 17.
Gnuschke, John E. “The Fed Strikes Again .: This Time It Was the Housing Market That Suffered, So When Will the Recovery Begin?.” Business Perspectives Summer 2007: 4+.
Hoar, William P. “The Stimulus Sham.” The New American 3 Mar. 2008: 42+.
“Is the American Economy Ready for a New New Deal?.” Daily Herald (Arlington Heights, IL) 26 Feb. 2008: 11.
Kuttner, Robert. “The Bubble Economy: The Financial Meltdown Is the Logical Consequence of Deregulation. Will We Reverse Field in Time to Prevent Another 1929?.” The American Prospect Oct. 2007: 20+.
Kuttner, Robert. “New President, New Crisis.” The American Prospect Apr. 2008: 3.
Roubini, Nouriel. “The Coming Financial Pandemic: The U.S. Financial Crisis Cannot Be Contained. Indeed, It Has Already Begun to Infect Other Countries, and It Will Travel Further before It’s Done. from Sluggish Trade to Credit Crunches, from Housing Busts to Volatile Stock Markets, This Is How the Contagion Will Spread.” Foreign Policy Mar.-Apr. 2008: 44+.
Krugman, Paul, Column in New York Times, dated 10th July, 2009. retrieved from (http://www.nytimes.com/2009/07/10/opinion/10krugman.html?_r=1)