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“What would've happened, do you think, had the government not intervened in October 2008? The catastrophe to the economy would've been absolutely unbelievable. And yet classical economists say, "Oh, well, no, it would've adjusted perfectly happily, a few weeks of pain and then everything would've gone on as before, without a banking system left." And that's what makes it so maddening, that these bankers are back saying it was all the government's fault. The government saved their skins. It didn't want to, but it needed to save their skins in order to save the rest of us.” — Robert Skidelsky, Baron Skidelsky
What would've happened, do you think, had the government not intervened in October 2008? The catastrophe to the economy would've been absolutely unbelievable. And yet classical economists say, "Oh, well, no, it would've adjusted perfectly happily, a few weeks of pain and then everything would've gone on as before, without a banking system left." And that's what makes it so maddening, that these bankers are back saying it was all the government's fault. The government saved their skins. It didn't want to, but it needed to save their skins in order to save the rest of us.