Reality Strikes

Tyler Cowen talking sense in The New York Times:

"Our current downturn will end as well someday, and, as in the ’30s, the recovery will probably come for reasons that have little to do with most policy initiatives."

Beware today on the streets of America. New York Times readers will surely be stumbling around in a state of confusion, their understanding of history and overall worldview challenged by a cogent reading of depression era economics.

Cowen notes (as I have said before) that the biggest problem with Rooseveltian economics was experimentation.