Tuesday, October 13, 2020

What Went Wrong

Correct me, please, but I have yet to see anyone explain why fixing the economy after the financial crisis was difficult, other than the fact that they fucked it up (deliberately, even).

And so I think that if we’re able to get the public health under control that normality will return more quickly than it does after financial crises or normal recessions, but I’m not sure of that.

That's Summers in the Vanity Fair interview where he gives the "Cape Code in winter" quote. The financial crisis was the easiest damn thing in the world to fix. The people responsible for fixing it instead gave us the Great Recession and then spent years telling each other what geniuses they were.