President-elect Barack Obama said in an interview on the CBS program “60 Minutes” on Sunday that one of his top priorities will be to “restore a sense of balance” to the regulation of financial markets, but rejected the idea of a so-called “new New Deal” for America.
Mr. Obama acknowledged the parallels between the current economic crisis and the problems of the Great Depression, but said that he supported solutions that are “true to our times.”
“For us to simply recreate what existed back in the 30s in the 21st century — I think would be missing the boat,” Mr. Obama said in the interview. “I think the basic principle that government has a role to play in kick-starting an economy that has ground to a halt is sound. I think our basic principle that this is a free market system and that that has worked for us, that it creates innovation and risk taking, I think that’s a principle that we’ve got to hold to as well.”