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Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Australia China India Indonesia Japan Malaysia Philippines Thailand Vietnam Search Search: Bill Clinton: US must spend its way out of crisis AP - 2 hours 32 minutes ago KUALA LUMPUR, Malaysia - Former President Bill Clinton said Friday the U.S. government has no choice but to spend its way out of its worst economic crisis in decades. With the U.S. economy in a recession that may worsen in the coming months, Clinton said President-elect Barack Obama must also shore up plummeting property values. "The big risk now for America and the world is deflation, contraction, dropping asset prices. We have to stimulate the economy which means in the short-run, he has to take America into even more debt. There is no alternative," Clinton said at a lecture organized by the Sekhar Foundation, a philanthropic group that aims to foster an understanding of different cultures. Obama "has to put a floor under the asset values and then use the government's spending ability to trigger economic activities," he said. "Then when we resume growth, we should adopt a more conservative and traditional budget policy." The U.S. has not suffered through a prolonged bout of deflation since the Great Depression of the 1930s. In response, Congress passed a $700 billion bailout fund for financial institutions to combat the economic crisis. Obama, who takes office on Jan. 20, has called for a massive economic recovery bill to generate 2.5 million jobs during his first two years in office. Clinton said that as mortgage foreclosures continue to rise to record levels, it would be "far cheaper (for the government) to rewrite mortgages and keep people in their homes." It costs the government $250,000 for each mortgage foreclosure and with up to 3 million homes at risk next year, this could wipe out the effects of the bailout package, he warned. Clinton added that he was "honored" by the appointment of his wife, Sen. Hillary Rodham Clinton, as Obama's secretary of state. "I think we have a good security and economic team. I think we'll do better," he added. The former president, who was in Hong Kong Wednesday for a meeting of his foundation, the Clinton Global Initiative, told the crowd of about 1,000 that he also met with Malaysian Prime Minister Abdullah Ahmad Badawi. Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Related Articles: Asia Pacific India's Singh hails ally Russia as nuclear, space deals signedAFP - 34 minutes ago Dalai Lama says a 'democratic' China could resolve Tibet issueAFP - 37 minutes ago Two bomb blasts kill 22 in northwest PakistanAFP - 38 minutes ago Car bomb kills 20 in Pakistani city of PeshawarAP - 54 minutes ago Chinese officials punished for lavish US tourAP - 56 minutes ago Most Popular – Asia Pacific Viewed Big Three automakers face skeptical Congress in rescue plea Cruise ship runs aground in Antarctica Do not disturb eggs: MP reveals Britain's oddest laws Central banks slash interest rates to drive back recession Wall Street plunges as recession becomes reality View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular

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