Unblocking Credit

The AARP released a report in December 2008 entitled The Impact of the Financial Crisis on Older Americans. Key recommendations were to unblock the credit channel, extend unemployment benefits, increase nutrition benefits, prop up Medicaid and other social programs, and, most importantly, implement a streamlined form of mortgage relief. Secretary of the Treasury Tim Geitner’s press conference yesterday outlined the details of the $1 trillion stimulus package. The package includes a large commitment to transparency and social reform, as well as mortgage relief. This is a long-term effort, and requires the patience, trust and the commitment of the American people to help ‘turn this world around’.