On MSNBC's Squawk Box, SFI External Professor and Yale economist John Geanakoplos argues for new public works infrastructure projects and for banks to write down the balances on significantly upside-down mortgages to spur an economic recovery.
Watch the Squawk Box discussion (September 22, 2011)
As a Squawk Box guest host, Geanakoplos advocated his belief that difficult economic times are the best times to spend federal money on infrastructure projects, which would result in a more productive economy with increased revenue.
He also reiterated his position that writing down mortgages for borrowers who are significantly under water will avoid defaults, allow banks to recover more money than foreclosures would, help soften the housing crisis, bestow collateral value on borrowers with which they can resume spending and borrowing, and free millions of Americans from mortgages that now prevent them from relocating to better jobs and job markets.