From the beginning of time, we've had financial crises. People always blame the banks and for good reason. When you look for the root causes, they're almost always failed government policies.
In the absence of a shift in market perceptions of the relative attractiveness of U.S. and foreign assets, government policies would likely have only limited effects on the trade balance.
We know that we have to have the right combinations of government policies and private sector energy and dynamism. Getting that balance right is what I know President Obama has tried to do, and at every turn he's been stopped.
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