Calculated Risk claims much of the recession could have been avoided with proper oversight of the bundled securities problem. If so, then what?
Where would the excess savings have gone? Invested in commodities (an oil bubble) invested in government (inflation), invested in stocks (a dot com bubble). Our economy had a reasonable investment environment in 2004, before that our government demanded excess money, after that the investment opportunities dried up. We were in need of restructuring, where and when did Calculated Risk suspect we should restructure?
We, the economy chose the time and place, not the Fed, not the regulators, and not the government.
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