Without a doubt, Keynes theory is back, because the market system failed to deal with the crisis. In fact, until now, no effective treatments have been cured for it. Therefore, when the private sector lost its vitality, such as GM, Citi, Merri Lynch etc., it is the time that government should go in.
Am I afraid of authority? Absolutely. However, there is no other hope we can expect. So the reason we believe is that we don't have options. Here is another question, which always bewildered economists so much: are governments reliable? Of course not. If they do, how could they let it happen?
A dialogue happening in Paul Krugman column is very interesting: a fed official said in a seminar, “how could we see it coming earlier?”
Krugman replied, “what do you mean “we”, white man?” that is cool. That is the damn cool.
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