December 6th, 2010

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Brad DeLong Excellent Piece on What Went Wrong

http://delong.typepad.com/20101029-battered-and-beaten.pdf

Warning, for hardcore econ types -- readable but 20 pages. Think of it as an even more intense and longer version of a Wetmachine post, including the Star Trek references.

These days I wake up. Blearly-eyed, I stumble down the stairs. And while
I am eating my wheaties the macroeconomic situation hits me. And I stop, with the spoon halfway between the bowl and my mouth. I then find myself thinking:

This cannot be real. This has to be some horrible mistake, some
dystopian alternate timeline--like that Star Trek episode with the
transporter malfunction and evil-Spock-with-a-beard...