New Deal in the 21st Century

What we need now is a New Deal. In fact, it is already late in the day to think about it, let alone implement it. When Congress decided to put together a package and save some of the people struggling with their adjustable rate mortgage, it was too little and too late. Because at that time, Congress was eager to show that they acted responsibly with taxpayer's money. And the result? Taxpayers will pay more and more to save themselves from this mess. Yes, this crisis is created by greedy Wall Street bankers and eventually 9/11 and the aggressive rate cut aftermath. But once it happened in today's globally connected financial market, hoping to watch others suffer is not an option: ultimately you will be dragged in.
Apparetly, Bernanke is a New Deal specialist and he knows when to save the falling financial institutions. But he cannot save the housing market and that is where the fundamental problem is. Without stablizing the housing price and market, all the derivitives' value will be vaporized and the further failing of banks is inevitable. Therefore, it is time to design and execute a New Deal under the new circumstances.
The new administration in 2009 will do at least two things to revitalize the economy in a New Deal way. One is to come up with a new and rigorous financial system regulation act to prevent this crisis from happening again. And the other is to promote government sponsored projects, not limited to roads and bridges, but new energy, high tech, new medicine and a wide range of future oriented infrastructure building. No matter what, the American economy has to find a new equilibrium in the 21st century.