My main problem is that the article seems to be treating 2008 and today as different problems and events rather than the single recession/depression it is. And it will be a depression before long. Of course most economist couldn’t predict a loss or gain of blood if you heaved a brick at them. The Neo-Keynesians didn’t predict the crash and they apparently can’t put two and two together to see whats coming.
Aaaand here’s a quote from Larry Kantor of Barclays Capitol: “I don’t think there is a U.S. debt crisis right now, and European debt is not held as broadly as mortgage debt or derivative debt was back in 2008. The prospect of a 2008-like drop in the market is remote.”
So the S&P downgrade was meaningless. Well then, back to work everyone we are a-ok.