The U.S. economy needs a definitive and focused jobs program and a Marshall Plan for housing.
On housing, I suggest that the Obama administration should reach out and make telephone calls to the most knowledgeable and smartest guys in the residential real estate markets such as Eli Broad and Bob Toll. I would have them meet in a locked room with Ben Bernanke and Treasury Secretary Geithner and iron out that Marshall Plan for housing.
Jobs? I think that some quick policy moves that would help would be the extension of the Obama administration's payroll tax cut coupled with an offer to allow tax-free repatriation of foreign corporate profits if those monies were earmarked for hiring.