Paul Krugman Carefully Explains Why We Never Had to Worry About the Second Great Depression

We are approaching the 7th anniversary of the collapse of Lehman. As folks recall, this led to a massive financial crisis, with normal interbank lending freezing up, and most of the country's major banks teetering on the brink of bankruptcy. This was when then chair of the Fed Ben Bernanke, along with Treasury Secretary Hank Paulson, and New York Fed bank president Timothy Geithner, ran to Congress and demanded an immediate bailout of the banks, which was known as the TARP. The alternative wa...