If my faulty memory serves me correctly, Ed (soulotomy) has been saying for years that the economic boom we experienced in the 80s and 90s was due to Paul Volker's policies, not Alan Greenspan's, who received most of the accolades. Looks like Paul Krugman agrees. Scroll down to the next to last paragraph. I haven't finished reading this article. Not sure if I want to. Can I go hibernate for five years?
Your memory is pretty good. For the past eight years I have been taking the advice found in Soulotomy and Shooshie posts and it might be the only reason why I am financially better off today than when Bush took office. Well that and a good dose of dumb luck.
That's why this time we need a full accounting. Not a witch hunt, maybe not even prosecutions, but something like the Truth and Reconciliation Commission that helped South Africa come to terms with what happened under apartheid.
Yes, we cannot learn from our past mistakes if we allow those mistakes to be swept under the rug. The people who made the mistakes need to be branded so that in a few years history does not get rewritten and the debacle now enfolding is blamed on Obama. If we do not those same players will be back. Shoot, some are already calling it the Obama recession! Rush Limbaugh and Hannity believe their audience has the intellect of a sack of hammers.
Thank you for bringing the article to my attention... It was a long read, but well worth the time to read it.
I'm glad that Obama is already on his way to implementing some of what Paul Krugman's recommendations, and now that I have a fuller understanding of what needs to be done I'm content to get with the program whatever it takes.
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