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Monetary policy versus fiscal stimulus

Has there been any recovery?

Ok. There has been a modest recovery from the meltdown of 2008.

Can it be attributed to the fiscal “stimulus”?

No. Not at all. The timing is wrong. The recovery began in January of 2009. The fiscal “stimulus” had not yet been enacted . . . let alone found a shovel-ready project.

What can the recovery, such as it is, be attributed to?

It can only be attributed to the extreme monetary policy shift in the fall of 2008.

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