Look, I’m quite bearish. But data suggests that avoiding a depression is easily achievable with the right policy response.
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What would you propose?[/quote]
I’m going to get to this – I promise – but I don’t have time at the moment. I’ve been juggling various strategies in my head but need to put pen to paper.
But I’ll say this for the moment – the problem isn’t financial capacity; it’s politics. It would be more beneficial to have a marginal, modestly effective strategy enacted immediately than to have the “perfect” strategy enacted over 2 years. Because 2 years is too long to wait. The danger here is the politics of the thing. There’s a lot of dawdling on about whose ox is getting gored and whose isn’t.
