The policy response to the global financial crisis, especially in its country of origin, the United States, is beginning to look like bad “old” world optimism. Generated by the excesses of the finance industry, the GFC took hold of the world economy in the third quarter of 2007. Within a year, it threatened to tear apart the world economy.
Policy elites began looking, not for cause and solution, but for someone to blame. They overlooked perpetrators in favour of vi…