A fast-acting, short-term measure with a powerful spending impact is a temporary cut in sales taxes. Whereas temporary income-tax cuts can be viewed as making a one-shot change in household disposable income, temporary sales-tax cuts bring about a temporary reduction in the prices of goods that consumers buy. The switch from a temporary income change to a temporary price change makes all the difference.
So, in the spirit of being forward looking, let me attempt to give you the flavor of what I am thinking about. It may, for example, be possible to increase market discipline by requiring large, internationally active banks to issue a minimum amount of certain types of uninsured subordinated debt to the public.