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At home he has used a budget surplus to restore economic stability, dropped interest rates and reduced already low unemployment.
Even so, Industrial modified home loans and dropped interest rates to help customers through the recession instead of resorting to foreclosures, Mitchell said.
The Fed dropped interest rates to historical lows, hoping to prompt businesses to borrow money to make new investments and hires.
The Federal Reserve dropped interest rates from 6.5percentnt in 2001 to zero in 2008; the Bush Administration cut taxes and increased spending.
After the Japanese economy declined in the early 1990s and fell into deflation, the Bank of Japan dropped interest rates to nearly zero and embarked on a huge asset-purchase program (the pioneering "quantitative easing" program).
Even as Japan's central bank dropped interest rates to zero in a bid to spur growth, it had little effect because companies and households were too fearful to borrow.
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A dropping interest in golf?
Dropping interest rates will buy time for some banks, but it will also push up inflation.
"This just gives providers leave to drop interest to that rate.
The vast majority of loan modifications to date have lowered payments by dropping interest rates while leaving balances untouched.
Another reason may be that some prestamistas are willing to drop interest rates for their best customers.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com