The Federal Reserve entered a new era on Tuesday, setting its benchmark interest rate so low that it will have to reach for new and untested tools in fighting both the recession and downward pressure on consumer prices.
To which Paul Krugman replies.
Seriously, we are in very deep trouble. Getting out of this will require a lot of creativity, and maybe some luck too.
I have heard a number of Bush supporters claim that historians won't be as harsh on Bush and his foreign policy bumbles as people currently are. I always found that to be more wishful thinking that honest analysis. They might be on to something though. At the rate things are going, historians will be so busy writing about how disastrous his domestic policies were they won't have the ink to cover his foreign policy bumblings.
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