Robert Waldmann| July 19, 2015 http://angrybearblog.com/2015
“Here is an interesting (as always) cyber discussion between Brad DeLong and Dean Baker.
DeLong asserted (as he often does) that the great recession was so severe because of finance and “clogged credit channels”
Baker argued (as he often does) that the decline in house prices alone was sufficient to explain the downturn.”