I had no idea that Vanity Fair cared much about politics let alone economics. The article featured in the newest issue written by Joseph Stiglitz gives a short summary of American economics since the mid-20th century. His argument essentially conveys that the actions by the US government since last fall have been hypocritical. When Japan was faced with a similar crisis in the 90’s, we advocated letting the bad banks fall and allow for interest rates to shoot upwards. I will not steal the fire from Mr. Stiglitz, he knows a bit more than me and has a Nobel prize to prove it. Read his article here.
Again, with thanks to Bill Easterly.