re: #472 elbruce

For what it’s worth, I don’t think the “Bush broke the economy” argument is worth the trouble. What is more important is recognizing just how bad things were in the fall of 2008. The credit markets were frozen. People seem to have forgotten what a scary and for most of us, unprecedented event that was.

Frozen credit markets. No commercial paper, no bonds, no loans, no nothing. Commercial lending still hasn’t fully recovered (for a bunch of reasons). Plus trillions of dollars of wealth destroyed. Did anyone really think that was just an everyday recession?