The recent NYT article “Crisis Management Rethough” by Binyamin Applebaum sheds some more light on clear thinking, something that all the talk by Tim Geithner seems to avoid. See link here concerning a new book by Atif Mian and Amir Sufi ” House of Debt”.
I do not agree with some parts of it, but we are starting to see some movement towards understanding.
For me Alan Greenspan’s philosophy of allowing anything to go that provides an increase of GNP, regardless of risk undertaken, is the base. Bernanke came to the party and used more funny money to handle a funny money problem. And now Yellen is trying to pick up the fumble as the tacklers approach.
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