Most Keynesian economists do not want to admit that we are in another depression. For this and other reasons, euphemisms such as the Great Recession have been embraced. But now one of the most prestigious Keynesians says it really is a depression.
Good for her! Senator Elizabeth Warren (D-Mass.) is letting us know where she stands. There’s no oily evasiveness for her — or at least there’s less than we usually get from politicians. In a July 18 speech, Warren outlined 11 tenets of today’s progressivism.
Sheila Baer, chairman of the Federal Deposit Insurance Corp. during the Crash of 2008, was a lonely voice of sanity at that time. In 2012, she wrote an article for The Washington Post poking fun at the Fed for what it had been doing. It was entitled “Fix Inequality With $10 Million Loans For Everyone.”