Epstein and Taylor: Are we all Keynesians now?
Richard Epstein and John Taylor reflect on the global economic crisis of 2008 and discuss why the Keynesian narrative of events fails to identify and explain the causes at the root of the crisis. Epstein and Taylor evaluate the government responses to the crisis, assessing the effectiveness of TARP and President Obamas stimulus legislation. Finally, Epstein and Taylor lay out the future steps that government must take to ensure recovery and growth. Key among them: Dont raise taxes.
It is only fair to point out that the bailouts started under Bush, and he did a lot of the things these gentlemen justly criticize President Obama for doing. The intervention in the housing market was bipartisan in a way that little legislation ever is.