Robert Kimmitt says it's fair game to ask whether the financial crisis have been anticipated earlier.Î¾ He spoke to members of the World Affairs Council, saying global imbalances could cause further economic disruption, if not corrected.
"The twin deficits in the United States — budget deficit and trade deficit — a misaligned currency in China and low demand-led growth in the major economies in Europe and Japan.Î¾ I'm as optimistic as ever about the U.S. economy.Î¾ We've taken body-blow, but I think we've come through it, and we're going to rely on those inherent strengths of our economy — the entrepreneurship, the flexibility, the mobility, the increased productivity on the part of our workers.Î¾ So we're going to come through this."Î¾
Kimmitt says the release of TARP funds a year ago and other actions were the best possible responses to very tough conditions.
"I think there were some very courageous decisions made.Î¾ Some of them weren't in keeping with traditional Republican free-market philosophies, but the alternatives were much worse.Î¾ I think that the actions that were taken kept us from going into an even deeper crisis, set the stage for the recovery that I hope is upon us right now.Î¾ And therefore I'm very proud to have been part of the team — and it was a bipartisan team — that was able to address those challenges."
Emmitt says the new administration continues to move into a similar direction as the Bush administration.Î¾
Ed Mayberry, KUHF Houston Public Radio News.