As time passes, some will argue that if authorities had let the markets clear unimpeded [during 2008—2009], however terrifying in the short run, the consequences might have been a deeper but far shorter economic V.
The point, however, is moot. To quote the chairman of the Federal Reserve Board, “There are no atheists in foxholes and no ideologues in financial crises.” Was the massive Keynesian, monetary, and regulatory intervention part of the solution—or part of the problem?
In short, were the financial crisis and the Great Recession the end? Or just the beginning?
Frank K. Martin. A Decade of Delusions. (Wiley, Kindle Edition).
