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Thinking Big by Nathaniel Loewentheil, James Lardner

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6 From Financial Crisis to Opportunity

Dean Baker

THE year 2008 was disastrous for the economy and, by extension, for modern economic orthodoxy. We had two decades of pro-business regulation, where the government was deliberately structured in ways to shift wealth and income to the rich and powerful. This formula led directly to the mortgage meltdown and the financial collapse, and now to the worst economic crisis since the Great Depression. Nevertheless, as the crisis deepened, leading members of the old priesthood were regrouping. Totally discredited by events, thoroughly repudiated at the polls, they presented themselves in a new guise, as savvy pragmatists and experienced hands—the “best economic minds in the country” who alone could be ...

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