Thinking more about my conversation with @yeselson and others last night and wondering why there was not a capital strike during the New Deal
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Obama and team’s understanding of the moment was deficient—Krugman never stopped pounding away on jist this point—but US political structure would not permit this strategic move anyway.
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Strongly agree.
End of conversation
New conversation -
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But operationally, how many options did they have? They had the HAMP fund in Treasury, true. What else?
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