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Ten Years Ago

A Crisis Might-Have-Been 

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Posted in 2007-08 Financial Crisis, Contemporary economics, US politics Tagged with: , , , ,

Ten years after the Panic of 2008 began, the hardest thing is dealing with the might-have-been in its immediate aftermath.  What if President Barack Obama had better understood the situation he inherited? He might have emulated Franklin Delano Roosevelt and begun his term as explainer-in-chief. He might have devised some modern equivalent of FDR’s “fireside chats” – the thirty-one radio broadcasts the president made in 1933 and 1934. Obama then could have proceeded to explain what had happened in the last few months, what the Federal Reserve Board, the Bush administration, and the US Congress had done about it and