Among lay people and professionals, it seems like the Recession’s accepted cause is a dependent on your ideology. Conservative blame it on collapse of housing due to giving mortgages to poor people by bleeding hearts. Liberals blame greedy banks to some degree for the same thing. Another view is that monetary policy was too tight. You may not agree, but I think you can at least learn something from this well done presentation of that third view.
Scott Sumner Presentation
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Mon, 07 Mar 2011 00:11:00 GMT