One tool the Fed has created in recent years has the goal of slowing down the economy and slowing down the velocity of money should the economy all of sudden take off due to all the stimulus the Fed has put into the system.

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And so even as we were dealing with the economic crisis, we tried not, over the last three years, to take our eye off the larger purpose of rebuilding an economy that has a firmer foundation.

WHITEHOUSE: Remarks by the President at a Campaign Event

Some of the more traditional energy producers say if you want the economy to do better, maybe take some of the regulations off in terms of making it easier to drill or to gather coal until you can develop those green energies.

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Craig Wright, chief economist at the Royal Bank of Canada in Toronto, is still confident that the North American economy will take off once the uncertainty over Iraq is resolved, and that Canada's real growth rate will again exceed 3% this year.

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What would happen if policymakers decide to take some of the heat off the industry when it comes to fuel economy?

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Friedman would have argued to do less and grow the monetary base at a steady rate that is the sum of what you want the long-term inflation rate to be and what you think the long-term growth of the economy will be and then, like the bumper car, take your hands off the wheel and let capitalism and markets do the rest.

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And that is the kind of big, significant move in the economy that can have ripple effects and help a recovery take off.

WHITEHOUSE: President Obama at LinkedIn Town Hall