Wednesday, December 10, 2008


By Joseph E. Stiglitz, Vanity Fair

Alan Greenspan and Paul Volcker.
Alan Greenspan and Paul Volcker. (Photo: Chip Somodevilla / Getty Images)

There will come a moment when the most urgent threats posed by the credit crisis have eased and the larger task before us will be to chart a direction for the economic steps ahead. This will be a dangerous moment. Behind the debates over future policy is a debate over history - a debate over the causes of our current situation. The battle for the past will determine the battle for the present. So it's crucial to get the history straight.


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