Government policy may or may not have been a prime cause of the 2008 financial crisis, but Dan Drezner says it sure is a prime cause of the lousy recovery since then:
A standard lament about the 2008 financial crisis is that it happened because of "market fundamentalism."....But between the Eurozone crisis and U.S. policy deadlocks, it's striking how much the gyrations of the past few years are because of governance failures. And it's depressing to consider how much better the global economy would be doing if politicians in the advanced industrialized economies were a bit better at their jobs.
"I think we need to have that moment where we realize [we’re] going broke. If the debt ceiling isn’t raised, that will sure as heck be a moment. I think, personally, it would bring stability to the world markets," since they would be assured the United States had moved decisively to curb its debt.
Yes indeedy. Breaching the debt ceiling will bring stability to world markets. I wonder what other ideas Yoho has for bringing stability to world markets? I'd love to hear them.
I think Yoho deserves to be immortalized for this. As we all know, the increasingly annoying acronym YOLO means You Only Live Once. So what does YOHO stand for? You Only Hijack Once?