The Financial Times’ mock “2009 retrospective” is already drawing a fair amount of attention, and deservedly so.
One of its main points is about halfway through. What if John Maynard Keynes as well a Milton Friedman is wrong?
Aside from the points in the news analysis piece about the possibility of 10 percent unemployment, such a washout SHOULD spell the end to Democratic Party neoliberalism. It won’t, in all likelihood, because in reality most Democrats have little more in their political ideas cupboard in many areas than do Republicans.
It wouldn’t totally surprise me if Obama weren’t a one-term president, when all is said and done.
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