Try Everything
Policymakers have always had a model for escaping from the 2008 economic crisis. In the 1930s, US President Franklin D. Roosevelt responded to the Great Depression with a simple yet radical strategy: try everything that might boost demand, increase production, or reduce unemployment, and then scale up the things that work.
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BERKELEY – When it became clear in late 2008 that the global economy was headed toward a crash at least as dangerous as the one that had initiated the Great Depression, I was alarmed, but also hopeful. We had, after all, seen this before. And we also had a model for how to mitigate the damage; unfortunately, policymakers left it on the shelf.