"It’s really annoying when Keynesian writers keep implying that only fools think fiscal stimulus is a bad idea. "
" The entire concept of fiscal stimulus fell out of favor in the best universities for several decades. "
"The only argument I’ve ever seen for reviving it is that monetary stimulus is ineffective at the zero bound. "
" But many of the most dogmatic proponents of Keynesian economics, the ones who in early 2009 were telling their readers that there was nothing the Fed could do at the zero bound, are now loudly and relentlessly bashing the Fed for not doing more. "
" That’s right, there’s only one good argument for fiscal stimulus, and even the proponents of fiscal stimulus don’t seem to believe it."
upshot
the fed could have done all this by itself
