Tags: bogle | stimulus | now

Bogle: We Need Stimulus Now

By    |   Friday, 06 Feb 2009 09:55 AM

John Bogle, founder of the money management goliath Vanguard, says the economy needs a strong fiscal stimulus package right now.

But the Obama administration isn’t doing a very good job of giving us one, he adds.

“There doesn’t seem to be much flexibility in the administration program,” he tells CNBC.

“There are clearly a lot of things that are going to take far too long to work out and things that get close to social policy. There’s a lot of room for improvement.”

Bogle also is disappointed with partisan bickering over the bill.

“The voting down party lines serves us ill, just like it did in the last administration,” he says.

“I hope there’s room for intelligent compromise.”

Given the nature of Congress, it’s no surprise that the package includes a lot of wasteful spending, Bogle says. “Congress has always loved the pork,” he points out.

“There is a lot of jealousy over power,” he says. “It’s unclear whether it’s [House Speaker Nancy] Pelosi and [Senate Majority Leader Harry] Reid vs. Obama. The tragic thing is that we need a stimulus bill, and we need it right now.”

Bottom line: “We’re obviously in a deep recession that could turn worse if we don’t take action.”

Many agree with Bogle.

“The fiscal package now before Congress needs to be thoroughly revised,” Harvard economist Martin Feldstein wrote in The Washington Post. “In its current form, it does too little to raise national spending and employment.”

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John Bogle, founder of the money management goliath Vanguard, says the economy needs a strong fiscal stimulus package right now. But the Obama administration isn’t doing a very good job of giving us one, he adds.“There doesn’t seem to be much flexibility in the...
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Friday, 06 Feb 2009 09:55 AM
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