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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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It could have been a moment to change the status quo
Allowing the entire banking system to collapse certainly would have changed the status quo. Or at least put it back it time to somewhere around the late Middle Ages.
we've just lived through the bullish 12 years of growth ever.
I'd be curious to know what metric you're using to assess that, other than gut reaction, anecdote and 'common sense'.
Brommers
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.