So, according to this right winged talking head, Bush and his disastrous policies didn’t contribute to the massive economic crisis we’re now getting out of, Rubin in this Fox News interview actually think and was brave enough to say that Bush saved us from the second great depression.
RUBIN: Well, I think we were, but I don’t think it was the stimulus that did it. The measures taken by President Bush and Chairman Bernanke and our then Treasury Secretary Paulson, which put together a series of banking measures to keep the economy liquid. There’s a very good argument that those measures saved us.
There’s virtually no argument that says that the stimulus worked and frankly the idea that the stimulus would have a lasting impact if counter to the usual Keynesian arguments, which is the impact is right then and there. That was why we were supposed to have a recovery, because you get “shovel ready” jobs. That didn’t work out and now they have a new explanation that they’ll pay off sometime in the future. That’s a new one.
