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The United States,facing its deepest financial crisis since the Great Depression,has spared no efforts to save its economy from falling off a cliff.But its federal bailout program has appeared flawed given the country’s mounting fiscal deficits.Will the government’s rescue efforts be a panacea for the ailing markets?Will the U.S. economy drift into a prolonged recession?Dong Yuping,a researcher at the Institute of Finance and Banking under Chinese Academy of Social Sciences,discussed these issues in a recent article in China Finance magazine.Excerpts follow:
The United States, facing its deepest financial crisis since the Great Depression, has spared no efforts to save its economy from falling off a cliff. But its federal bailout program has been flawed given the country’s mounting fiscal deficits. Will the government’s rescue efforts be a panacea for the ailing markets? Will the US economy drift into a prolonged recession? Dong Yuping, a researcher at the Institute of Finance and Banking under Chinese Academy of Social Sciences, discussed these issues in a recent article in China Finance magazine. Excerpts follow: