Nouriel is right: this is the worst financial crisis since the Great Depression, and the Fed, with the best will in the world, probably lacks the tools to deal with it. Broader action is necessary.
But then comes the question: who ya gonna call?
The Gang That Couldn’t think Straight still holds the White House; no good ideas will come from that quarter. Worse, Incurious George would probably veto any sensible plan from Congress, even if said plan could get past a filibuster.
Hey, here’s an idea! Let’s create a nonpartisan expert commission, headed by Alan Gr …. oh, wait. He’s part of the problem. In fact, is there any way we can repossess his book royalties?
Seriously, it’s very hard to see who can take charge.
Things fall apart, and the center doesn’t exist.
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