The dogmas of the quiet past are inadequate to the stormy present.
At issue is an age old debate between two economic philosophies: stimulus as a life vest versus stimulus as a straitjacket.
Zapatero is not a good driver. It’s like a boat, which in calm waters steers fine, but when it gets bumpy, they are not prepared.
It isn’t surprising that so-called “ambulance economics” has gained mass policy appeal as the global economy descends into madness, despite a legacy of failure.
The same statistical biases that contributed to the recent financial chaos may cause more harm in the real world than they ever did on Wall Street.
The American public has responded in similar and predictable ways to each of the country’s three major conflicts since World War II.