"Here is an embiggened version of the infamous jobs chart prepared by Obama administration economists Jared Bernstein and Christina Romer back in January 2009 (and now updated again by me with data from the August jobs report)."
A Year of Living Dangerously: The Management of the Financial Crisis in 2008
"Metaphors shape understanding of the narrative of events (Reinhart, 2009). For example, the received wisdom in the years following the Great Crash of 1929 and the attendant crushing economic contraction was that it had resulted from excesses of speculation and competition. Some of the policy lessons drawn in the 1930s were that cartelization of industry could promote growth, that restrictions on financial firms and transactions in the financial sector were a preferred way to dampen volatility, that flexible exchange rates were destabilizing, and that fiscal policy could stimulate expansion. It took decades for the economics profession to revise this narrative, beginning with the efforts of Friedman and Schwartz (1963), to put the effect of the supply of money and credit at the center of the story of the Depression. It took longer still to pare back the institutional edifice of banking and financial regulation erected as a consequence of the initial misreading of the events of the 1920s and 1930s.
In this paper, I argue that the evolving narrative of the events of 2008 represents a similar error in our understanding."
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