Professor Bernanke’s Bogus Contra-factual, Part 2: Why The Friedman/Bernanke Thesis About The Great Depression Was Dead Wrong

In explaining to the FT’s Martin Wolf why he bailed out the Wall Street gamblers at Goldman Sachs and Morgan Stanley while crushing millions of ordinary American savers and retirees, Bernanke typically repaired to his go to argument. It had nothing to do with the mild excesses of inventories and labor that had built up in the main street economy […]