January 29, 2013

Looking back, it seems clear to us that the market debacle signaled an inflection point for the US economy. As the economy went into recession, the credit collapse suggested that the recovery would be a sub-par one. Simply put, the expectations of a pie expansion were significantly reduced. Just as during 1979 the preconditions were perfect for a candidate advocating a pie expansion, the preconditions were now ideal for the politics of redistribution.

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