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There is plenty of conventional wisdom about why the recession will not be helped or hindered by the results of the presidential and congressional elections.
The first and foremost among these is that the new people cannot get to their offices before the end of January. Before their embossed stationary gets in and they have their first orientation meetings, it will be March. The avalanche of the wounded economy will have already crushed large parts of the industrial and financial base. Getting down to work at the end of the first quarter is just too late.
Another popular view about the inability of the new order to help solve the credit, housing, and liquidity problems that vex the rest of the global GDP is that the individual governments do not have the power to fix troubles that do not have borders. Perhaps, the world financial system was not so global when FDR was president and tried to right the US economy, although there are still questions about whether his programs did any good.
