The Plausible Outcomes Range From The Gradual

There Is A Basic Lesson On Financial Crises That Governments Tend To Wait Too Long, Underestimate The Risks, Want To Do Too Little. And It Ultimately Gets Away From Them, And They End Up Spending More Money, Causing Much More Damage To The Economy.

Most Consequential Choices Involve Shades Of Gray, And Some Fog Is Often Useful In Getting Things Done

If You Don't Try To Generate More Revenues Through Tax Reform, If You Don't Ask, You Know, The Most Fortunate Americans To Bear A Slightly Larger Burden Of The Privilege Of Being An American, Then You Have To - The Only Way To Achieve Fiscal Sustainability Is Through Unacceptably Deep Cuts In Benefits For Middle Class Seniors, Or Unacceptably Deep Cuts In National Security.

Some Think That By Preparing To Deal With Crises You Make Them More Likely. I Think The Wiser Judgment Is The Contrary. In This Area At Least, If You Want Peace Or Stability, It's Better To Prepare For War Or Instability

This Crisis Is Not Simply A More Severe Version Of The Usual Business Cycle Recession, The Typical Downturn In Which Economies Ultimately Adjust And Stabilize.