What Would Hamilton Do?

He may be about to lose his place on the $10 bill, but Alexander Hamilton's legacy is still valuable, a guide to action from one of my favorite founding fathers. Hamilton faced financial challenges far more dangerous to the health of the young Republic than anything we face today, and he had the vision and determination necessary to create a robust system based on Federal bonds that has served us well ever since.

What would he do under present circumstances, with world financial markets in turmoil?  Here is an idea of which I think he would approve: Take advantage of the fact that the 30 yr Federal bond has sunk below 3% to capitalize a Federal infrastructure bank. Roads, railways, bridges, tunnels, and much else--the sinews of commerce--are the victim of decades of deferred maintenance. A dynamic Federal institution, working with state and local partners, could very quickly find projects with society wide returns far above the 3% cost of funds.

Such an initiative would extend the life of the present recovery, damp down the impact of overseas economic crises, and provide good jobs at good wages right now. Who among the present crop of presidential candidates is ready to assume Hamilton's mantle?