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Saturday, July 28, 2018

DeLong: Note to Self : Obama essentially turned monetary, fiscal, and housing policy over to two guys who were “calm down and h... [feedly]

... an interesting observation from the  Deputy Assistant Secretary for Economic Policy under Clinton...


Note to Self : Obama essentially turned monetary, fiscal, and housing policy over to two guys who were "calm down and h...
http://www.bradford-delong.com/2018/07/obama-essentially-turned-monetary-and-fiscal-policy-and-housing-policy-over-to-two-guys-who-are-calm-down-and-hope-for-the.html

Note to Self: Obama essentially turned monetary, fiscal, and housing policy over to two guys who were "calm down and hope for the best" rather than "prepare for the worst" guys: Ben Bernanke and Tim Geithner. Those were, in retrospect, disastrous choices—not because of what they did but because of their opposition to thinking well outside the box and preparing to deal with the worst case scenario's. So when the "green shoots" of a strong recovery that both saw were not there at all—when they claimed the strong recovery glass was mostly full but in fact there was no glass—their position kept others who would have been preparing for the worst, and who might have been able to do better at dealing with the situation, from being able to take any effective action...

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