Chief Economist ING, Rob Cornell feels the US policy to fight the credit crisis is commendable.
"The American efforts have been admirable. They have been far sooner and on a far broader scale than any other authority in the world to try and address their banking crisis. Each time they have come up with a new set of policies. I think the problem has been they all fall slightly short of something which you describe as decisive once and for all solution to the current problems."
He feels the US government should nationalise some of the banks having further balance sheet problems.
Cornell sees some growth revival in 2010.
"In terms of when we might see some positive growth, really anytime between from now and the first quarter of this year, although I am not expecting it. Growth is obviously a very choppy thing to forecast. You might get the odd quarter of moderate growth, but realistically, we are looking at some time in 2010 when US President Barack Obama's fiscal package starts to bide because it doesn't kick in until next year with any real strength. This is going to be a slow return back to some form of trend growth and trend is going to be a lot slower than we have been used to in the past."
He feels US will recover fist from the credit crisis.
"The entire emerging region is going to be awaiting an uptick in developed markets before they make their own recovery. In terms of ordering, I think the US is going to recover first. Europe will take some time to follow through. There is some promise for emerging economies like India as well."
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