Another Round with Brad DeLong and Bubble Bursting Recessions

I see that Brad takes issue with my prior post arguing that the bubble-driven recession of 2001 and the more recent one in 2008 were really bad news which could not be easily escaped.

"You need to rebalance, but competent policymakers can balance the economy up, near full employment, rather than balancing the economy down. And from late 2005 to the end of 2007 the balancing-up process was put in motion and, in fact, 3/4 accomplished.

"There is no reason why moving three million workers from...