The Fed was already executing our regularly scheduled bailout

Why Fed Was Part of Government Most Ready for This Crisis 

Josh Barro, New York

Didn't read this, I assume Barro is a Godotist.

So let me make it simple. We were well underway with the start of the cycle having gone into repo madness QE. Rates were well into the next cycle, we were planning for a regularly scheduled recession and California was in extreme stress with the pension problem any way, unlikely to  stay afloat with a sub 2% growth rate.. The bankers already surrounding the frackers. The Post office already at the brink, Illinois already bankrupt. The tax battle had already begun in three of the large states. Finance was already hedged and ready to negotiate. And the Keynesian fraud was already returning an unsustainable 25% return to the super wealthy.

I assume Barro is repeating the same Keynesian mantra, 'this time is different' anyway. This is the reputation that the progressives left in the science of economics.  If it weren't for sandbox, the whole profession would be labeled a fraud. Put the mathematicians in charge, leave the economists out.