What The Depression Teaches Us

Obama Is Very Much An Establishment Sort Of Guy. The Whole Image Of Him As A Transcendent Figure Was Based On Style Rather Than Substance. If You Actually Looked At What He Said, Not How He Said It, He Said Very Establishment Things. He's A Moderate, Cautious, Ameliorative Guy. He Tends To Gravitate Toward Beltway Conventional Wisdom.

What The Depression Teaches Us Is That When The Economy Is So Depressed That Even A Zero Interest Rate Isn't Low Enough, You Have To Put Conventional Notions Of Prudence And Sound Policy Aside.

But Wall Street People Are In Fact Very Smart; They're Funny, They're Not Company Men Who Work Their Way Up The Chain.

Default Is Not In Our Stars, But In Ourselves.

This Is A Serious Analysis Of A Ridiculous Subject, Which Is Of Course The Opposite Of What Is Usual In Economics.