We Know How to Fight a Financial Crisis. We Should Be Doing It.

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Here’s an interesting chart from Josh Lerner (via Tim Duy). Instead of comparing the Great Recession to other postwar recessions in the U.S. (which have mostly been ordinary business cycle recessions), it compares the Great Recession to other financial crises. This is a better comparison since the 2007-08 crash wasn’t an ordinary business cycle recession. It was a financial crisis — and by that standard we haven’t done too badly. As Lerner says, this is almost certainly because “the strong policy response employed by nearly all major economies — both monetary and fiscal — helped stop the economic free fall.”

We could, of course, have done even more, and we still could. And should. The fact that this recession was provoked by a financial crisis is a reason to respond more strongly, not an excuse to throw up our hands and pretend that we don’t have the tools to limit the damage.

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We've never been very good at being conservative.

And usually, that serves us well in doing the ambitious, hard-hitting journalism that you turn to Mother Jones for. But it also means we can't afford to come up short when it comes to scratching together the funds it takes to keep our team firing on all cylinders, and the truth is, we finished our budgeting cycle on June 30 about $100,000 short of our online goal.

This is no time to come up short. It's time to fight like hell, as our namesake would tell us to do, for a democracy where minority rule cannot impose an extreme agenda, where facts matter, and where accountability has a chance at the polls and in the press. If you value our reporting and you can right now, please help us dig out of the $100,000 hole we're starting our new budgeting cycle in with an always-needed and always-appreciated donation today.

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