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“Here’s today’s economic quiz: Was the 2007-09 Great Recession more damaging than the Great Depression of the 1930s? Surely the answer is “no.” In the 1930s, unemployment reached 25 percent. By contrast, the recent peak in the jobless rate was 10 percent. Case closed.
Not so fast, objects economist J. Bradford DeLong of the University of California, Berkeley. “Fifty years from now, historians will … write that President Franklin Roosevelt, Congress and the Federal Reserve provided a collective policy response that was, if not optimal, at least respectable. … By contrast, they will [argue] that the responses of President Barack Obama, Congress and the Federal Reserve did not come up to the standard [set by] the mid-1930s policy-makers.”
Could DeLong be correct? The answer matters, because if he’s right, the economy — despite its present strength — faces a future of long-term sluggishness.
Writing in The Milken Institute Review, an economics journal, DeLong accepts the conventional wisdom that the rapid response of the Federal Reserve and Congress to the Great Recession — the Fed lowered short-term interest rates to near zero, and Congress passed a huge stimulus package of spending increases and tax cuts — prevented a second Great Depression. But his praise stops there.”
JJ Editor's Daily Picks
"Historic buildings and structures dating from the Byzantine era to the 20th century have been subjected to disastrous restorations in recent years here, prompting public outcry and fostering a cynical attitude toward planned projects."
"Fox News, normally the object of presidential praise on Twitter, was subjected to an unusual tweet-lashing over the weekend when the president went after three of its anchors."
"Opinion: I am not willing to cast a ballot for this current crop of scandal-mongers, gossips and PR-obsessed dilettantes who are tearing the country apart - don't we deserve better?"
"Listening to The Joe Rogan Experience is sort of like crashing an intense, intimate dinner party in which the only courses are whiskey and weed."
"At the Jewish Museum in London called “Jews, Money, Myth.” The show explores the ways in which Jews have been associated with money over the past 2,000 years."
"Footage of last week’s massacre in New Zealand, which the shooter streamed in real time via Facebook Live, quickly proliferated. The original 17-minute webcast was viewed fewer than 200 times and wasn’t immediately reported, Facebook says."
"When I hear that Jews are too powerful, my response is, we are not powerful enough. When I hear that AIPAC is too influential a lobby, I say it must become even more influential."
"Lost in migration: When Walter Benjamin fled France in 1940, he took a heavy black suitcase. Did it contain a typescript? Where is it now?"
"Someday my daughter will be asked if she wants to have a bat mitzvah. I’m inclined to let her make up her own mind... It's a lot of work to learn Hebrew, memorize parts of the Torah and prepare for a pressure-packed performance at such a young age."
"Tablet's Unorthodox Podcast: Gail Simmons, Shalom Auslander, Jill Kargman, Gil Hovav, and more on the Jewish foods that mean the most to them."
""Hitting someone is a foundational moral violation," Yale University Psychologist Paul Bloom wrote in a comment to the paper. "Indeed, these sorts of physical infractions are found to be morally wrong by the youngest babies we can test."
" Ilhan Omar in particular has garnered attention for tweets widely viewed by the Jewish community as trafficking in anti-Semitic tropes. The result has been the most media coverage of anti-Semitism in a decade..."