Economics and semantics

Reading Paul Krugman, like reading Yglesias, facts become colored.
Paul says:

But this[Great Moderation], too, was unstable. For one thing, there was bound to be a shock, sooner or later, too big for the central bankers to handle without help from broader fiscal policy.

I would say that when we leave the corridor of stability, government also adapts along with the private sector. Why would I say government is the stabilizer? All sectors have to stabilize.  Convincing people that one side of the trade is better is a negotiating tactic, not an economic theory.