"Conservatives favor the same set of economic policies when the economy is weak and when it is strong; when unemployment is high and when it is low; when few homeowners are facing foreclosure and when many are. The implication is that conservatives believe there is nothing in particular the government should do about economic cycles. This is a big problem. Recessions are terrible. They create enormous misery by throwing people out of work and out of their homes. How can a political ideology have nothing to say about how to address recessions?"
The current GOP economic policy basis seems to ignore both John Maynard Keynes and Milton Friedman, both of whom would have supported and advocated exactly what was done in late 2008 and since then. And they both would said it was a failure to regulate that put us there. The government has a role to play in creating a flexible economic policy and systemic regulation to prevent excesses that can cause a recession/depression/high inflation.
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