Wednesday, September 17, 2008



Now of course to actually get down to the depths of the Depression required some policy blunders that I think it’s extremely unlikely anyone in the contemporary United States will undertake.

I'll admit to instinctively sharing this view. But I think it's largely based on the knowledge that there are smart technocrats who know what they're doing, and not on the reality that while those these people exist they probably aren't actually steering the ship. George Bush, Chris Cox, Dick Cheney, and Henry Paulson are.