A little premature? Economists are patting themselves on the back for pushing the pedal to the metal on the printing presses. Apparently the Greenspan-ites had it right all along. When in doubt, bail them out.
We don’t have a capitalist system. We have a too big to fail, take giant speculative bets with other people’s money that doesn’t really exist system. Replacing fake money that dissappeared (shadow banking system) with new fake money (bailouts, debt monetization) to support our robust economy. Top-line nominal GDP has recovered to post-recession highs, yet unemployment is double post-recession levels. So what gives? The pigs were feeding at the trough.
Sure, maybe preventing the evaporation of every financial asset on earth was a good move when looking at the outcome TODAY. But what does the outcome look like in 2015? 2020?
The 1998 LTCM bailout is to the 2008 financial crash, what the 2008 bailout is to the 2018 ___________
How We Ended the Great Recession
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