[lbo-talk] Warren is in...

[Somebody Somebody]

You say the current recession hasn't plumbed the depths of the Great Depression. But, isn't that the point? It was the massive federal intervention initiated by Henry Paulson and the Democratic Congress in the waning days of the Bush administration and greatly expanded under President Obama that prevented a new depression. 

The American public didn't see several years of conservative policies play out amid a stagnant economy after the fall of Lehman Brothers. Martin Wolf was right: if FDR had been elected at the start of the Great Depression, it seems possible there wouldn't have been as substantial a New Deal.