Rethinking the Great Recession
In embracing a victims-and-villains explanation of the recession, Americans are missing important lessons about the future of the U.S. economy, says Robert Samuelson.
The story of the Great Recession has been all about crime and punishment when it should have been about boom and bust. The boom did not begin with the rise of home prices, as is usually asserted. It began instead with the suppression of double-digit inflation in the early 1980s, an event that unleashed a quarter-century of what seemed to be steady and dependable prosperity. There were only two recessions, both of them short and mild. Unemployment peaked at 7.8 percent. As inflation fell, interest rates followed. The stock market soared.
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- Researchers discovered that the more attention you give a cat, the more likely they are to return it.
- Cats are territorial; being in their home environment greatly affects their attitude.
- The common wisdom that cats are aloof is provably false.
10 of the most sandbagging, red-herring, and effective logical fallacies.
- Many an otherwise-worthwhile argument has been derailed by logical fallacies.
- Sometimes these fallacies are deliberate tricks, and sometimes just bad reasoning.
- Avoiding these traps makes disgreeing so much better.
- Facebook and Google began as companies with supposedly noble purposes.
- Creating a more connected world and indexing the world's information: what could be better than that?
- But pressure to return value to shareholders came at the expense of their own users.
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