You can’t undrop the bomb

Things are different now. They started to change in 2008, when Congress and the Federal Reserve threw unprecedented money at the economy to keep it from collapsing. They’ve done it again this year, with even more money. Trillions and trillions of dollars. It was a huge debate in 2008. It’s much less controversial today. My theory is that once a new kind of stimulus is tasted it becomes a permanent feature of how downt...

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