Robert Samuelson
“If you add the last six years of U.S. budget deficits and the Fed’s injection of cash into the economy, the total is approaching $10 trillion. It’s hard to believe that all this stimulus didn’t aid the recovery, but the fact that it resulted in only modest growth has created an identity crisis for economists.”
- Robert Samuelson
The common denominator explanation of the 2008 financial crisis is the everybody at every level was making money or political capital as long as housing prices were increasing. The exception here should have been the academic economists, but they were part of the problem rather than part of the solution. This is probably not only because economists drive the bus by looking in the rear view mirror, but there was also a revolving door between academic economists, Wall Street, and the Government.
- Robert Samuelson
