link here to article
John Kenneth Galbraith had some words of wisdom on the differential impact of recession. The NYT's reprinted his 1993 comments which still have a ring of truth. I would just add that the climate today is different from that in 1993. Politics are more polarized, and the bank bailout created an extremely negative public reaction and a public backlash against government intervention in the economy. The cost of the bailout, and the loss of tax revenue from a deep recession, resulted in extremely high budget deficits that played into the hands of the reincarnated deficit hawks in the GOP.
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