The upside of a new Great Depression for American liberals is the possibility of a new New Deal. But Clive Crook warns in The Financial Times that any such political realignment is unlikely. "Circumstances will force the next president to be a fiscal conservative on matters other than temporary stimulus and financial stability," Crook writes. It's unclear how desirable government intervention in other industries is if one considers the root of the banking crisis as innovation run amok. "In which other industries," Crooks asks, "will curbing innovation—also known as market forces—strike governments or voters, in the US or anywhere else, as a good idea?"
Read it at The Financial Times
