Paul Krugman, The New York Times, March 21, 2008
If Ben Bernanke manages to save the financial system from collapse, he will — rightly — be praised for his heroic efforts.
But what we should be asking is: How did we get here?
Why does the financial system need salvation?
Why do mild-mannered economists have to become superheroes?
The answer, at a fundamental level, is that we’re paying the price for willful amnesia. We chose to forget what happened in the 1930s — and having refused to learn from history, we’re repeating it.
Its time for a 21st century new deal,
or just reinstate the checks and balances and rollback the tax cuts.
Comment by Rainlander — March 22, 2008 @ 3:01 am