Jonathan Alter and Nonsense on the Second Great Depression

For family reasons I had occasion to see some of the Sunday morning talk shows. (These are best avoided for those with an attachment to reality.)

I got to see Jonathan Alter explain how President Obama and the Fed prevented a second Great Depression. The story went that the economy was losing 800,000 jobs a month when President Obama took office in January. If this had continued until the end of the year then we would have had a second Great Depression. Therefore the steps taken by President ...