Paying the Price

Now that I've shared my thoughts about Paul Krugman's book, it's time to talk about Mark Zandi and his book, Paying the Price. First, Mark Zandi is much more reasonable than Paul Krugman. Okay, I know that's damning with faint praise, because "more reasonable than Paul Krugman" is right up there with "winning a beauty contest against Steve Buscemi," so let me try again. Zandi's book is good - very good. He makes a straightforward case, makes clear where he's uncertain, and gives real acknowledgement to legitimate concerns about each of his points. In further distinction from Krugman, he never once suggests that anyone who disagrees with him is lying, delusional, ideologically blind, evil, or that they hold their views because, in Krugman's words, such a position "also rationalizes social injustice and cruelty more broadly."

While Krugman's book makes the case that we still need to go full speed ahead, Zandi is more or less declaring a job well done. He's not fully satisfied with the way everything turned out, or the way all programs were structured, but he thinks the response was basically correct. Zandi is also of the opinion that the American economy is set to spring back and ready for strong future growth.