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I think swift action to prevent the collapse of the entire banking system was absolutely the right thing to do, and I don’t think there are any serious economists who’d disagree. The subsequent policy details are more controversial.
andyp-
I totally disagree. It could have been a moment to change the status quo. Instead we reverted to mean, as did the bankers. Bonuses the year after etc...
The 2008 financial crisis injected so much cheap capital into the world through QE that we've just lived through the bullish 12 years of growth ever. Whilst people got poorer, inequality widened, etc, etc..
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I think swift action to prevent the collapse of the entire banking system was absolutely the right thing to do, and I don’t think there are any serious economists who’d disagree. The subsequent policy details are more controversial.
Public sentiment is going to be interesting in January if the supermarkets empty again, but this time due to genuine, non-trivial and non-resolvable issues with importing food.
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Dammit
With hindsight I don't think you can unequivocally say that Brown did the right thing. Bailing out the banks through QE was a terrible terrible decision IMO.