pk's thesis:
"recessions like those of 1990-91, 2001, and 2007-2009
have very different origins
from recessions like 1974-75 or the double-dip recession of 1979-82. "
"The old recessions were more or less deliberately created by the Fed via tight money to control inflation, which meant that you had a V-shaped recovery once the Fed decided that we had suffered enough and loosened the reins."
" The new recessions all reflected private-sector overreach, which is much harder to make up for."
