Liquidationism Further Refuted

Paul Krugman directs us to Heather Boushey:

his Has Been An Equal Opportunity Recession When It Comes To Job Losses Across Industries: Economist Paul Krugman highlights Raghuram Rajan arguing in today’s Financial Times that the Federal Reserve should begin raising interest rates because “the US had far too much productive capacity devoted to houses and cars, because consumers could obtain financing for them easily.” Essentially, Rajan is arguing that monetary tightening is necessary to...