They did nothing


…and it worked.
"Here is the true economic miracle of the 80’s and 90’s:  Not Reagan’s tax cuts or Clinton’s economic plan or Alan Greenspan in the Fed.  It was the fact that the government, with the American economy sweating under some very difficult conditions (worse than they are today, but you would never know it in the press) and under strong threats from Japan and Europe, basically did … nothing.  There was all kinds of pressure to create an American MITI  (seriously, it seems like a joke today, but the push was strong).  We did not.  The American economy was allowed to restructure itself."
Warren Meyer, A Failure of Nerve

He's absolutely right. Read the rest of the article and he proves it.

I was doing some spot checking the other night because I was considering writing something on how much government intervention slows down economic recovery. Obviously I haven't done a detailed study, but from what I can tell so far there is a pretty strong link.

The more government messes with the market, the longer it takes to bounce back.

— NeoWayland

Posted: Sun - February 15, 2009 at 02:11 PM  Tag


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