It hit me on a Sunday night back in the fall of 2008. Troubled investment bank Merrill Lynch was selling itself in firesale fashion to Bank of America. What will forever be known as the “financial crisis” was in full swing.
So while this column has argued with great regularity that there was nothing “financial” about what happened in 2008; that the “crisis” resulted from government intervention in the healthy failure of banks, investment banks, carmakers, and nominal homeowners, the reality then was that something big was happening economically. A regular keeper of a daily journal, I wrote down my thoughts.
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