Barack Obama's first task as US president is to return confidence to the financial system and to the economy, and we can expect significant fiscal stimulus in 2009, according to Newton Investment Management's Simon Laing.
Laing believes that broader policy reform will take a back seat to economic rejuvenation plans over the next two years, and he stated that the new president has an immense task ahead of him with consumer confidence at an all time low and deterioration in the economy continuing to accelerate. Tom Elliot, global strategist at JPMorgan Asset Management, agreed saying that many commentators are calling for a new fiscal stimulus package to address the problems in the housing market and also to keep Americans in work. He believes that a USD 300bn stimulus package could be included in the House...
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