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It will stimulate the economy, result in increased savings and provide capital for expansion, mortgages for homebuilding, and jobs for the unemployed. Now that the essentials of that program are in place, our next major undertaking must be a program just as bold, just as innovative to make government again accountable to the people, to make our system of federalism work again.
Bell was forced by Covad Communications to implement its own technology, the DSL broadband phone line. Barring criminal behavior, there is little that oligopolies can do to defend themselves against these forces. They can acquire innovative firms, intellectual property, and talent. They can form strategic partnerships.
In addition, the Administration has developed several new pollution compliance approaches such as alternative and innovative waste water treatment projects, the "bubble" concept, the "offset" policy, and permit consolidation, all of which are designed to reduce regulatory burdens on the private sector.
The Federal government will need to develop more innovative and practical ways for neighborhood based organizations to successfully participate in the identification and solution of local and neighborhood concerns. Full partnership will only be achieved with the knowing participation of leaders of government, business, education and unions.
It allows the Federal Government to reduce overhead. It allows states to manage more flexibly and more efficiently. It moves power and decision-making closer to the people. And it re-enforces a theme of this Administration: appreciation and encouragement of the innovative power of "states as laboratories."
Her mind measured to its full extent the evils which the innovative spirit of the age described to her as so dangerous for young souls by the rector would have upon her only child, until then so guileless; as pure as an innocent girl, and beautiful with the same fresh beauty.
These tools will enable the Federal Government to deal quickly and effectively with serious distress in this critical industry. We have also worked to expand homeownership opportunities for Americans. By using innovative financing mechanisms, such as the graduated payment mortgage, we have increased the access of middle income families to housing credit.
In a new tome titled "The Free-Market Innovation Machine", William Baumol of Princeton University claims that only capitalism guarantees growth through a steady flow of innovation: "... Innovative activity-which in other types of economy is fortuitous and optional-becomes mandatory, a life-and-death matter for the firm."
They help shift output to innovative industries. More unconventionally, as the report diplomatically put it: "The effects on innovation of easing job protection are complex" and "Excessive intellectual property rights protection may hinder the development of new processes and products."
This means that there is a finite window of opportunity when there is no external adversary threatening the total existence of American society; that our forces are far superior to any possible military adversary choosing to confront us directly; and that, with innovative thought, we may be able to create a more relevant, effective, and efficient means to ensure for the common defense at the likely levels of future spending.
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