Why Are Good Policies Bad Politics?
From the day after the collapse of Lehman Brothers last year, the policies followed by the US Treasury, the Federal Reserve, and the Bush and Obama administrations have been sound and helpful. But they have also been politically unpopular with Americans, owing to opponents' extraordinary intellectual and political dishonesty, which the press refuses to see.
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BERKELEY – From the day after the collapse of Lehman Brothers last year, the policies followed by the United States Treasury, the US Federal Reserve, and the administrations of Presidents George W. Bush and Barack Obama have been sound and helpful. The alternative – standing back and letting the markets handle things – would have brought America and the world higher unemployment than now exists. Credit easing and support of the banking system helped significantly by preventing much worse.