When the financial system was on the edge of melting down back in the fall of 2008, there was much talk in the punditocracy of a second Great Depression. The story was that we risked repeating the mistake at the onset of the first Great Depression: allowing a cascade of bank failures that both destroyed much of the country?s wealth and left the financial system badly crippled. Instead, however, we acted, and these days the accepted wisdom is that the TARP and other special lending facilities created by the Federal Reserve Board prevented a similar collapse that saved us from a second Great Depression. But this view badly misunderstands the nature of the first Great Depression?and may, in fact, result in the country suffering the second Great Depression that the pundits...
Related Topics: stimulus, economy
Source: http://www.realclearpolitics.com/2011/06/06/economic_disaster_not_averted_256744.html
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