Magazine October 29, 2018, Issue

Letters

Attendees at the New Jersey State Fair in Augusta, N.J., August 12, 2018. (Eduardo Munoz/Reuters)

Still Rethinking the Recession

While I do agree with Ramesh Ponnuru’s article “Rethinking the Recession” (September 10) that the Fed’s monetary policy prolonged the damage done in the 2008 recession, I would add the view from Brian Wesbury’s book It’s Not as Bad as You Think: Why Capital Trumps Fear and the Economy Will Survive that the financial markets dropped significantly after a change in the way companies reported their income and assets: In November 2007, the government allowed the Financial Accounting Standards Board to start enforcing a very strict mark-to-market rule (Rule 157).

Wesbury states: “When we add up all the potentially

NR Editors includes members of the editorial staff of the National Review magazine and website.

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