Galbraith Jr on the crisis

Long read, but worthwhile. My take outs: our financial models aren’t necessarily built to simulate the scale of depression we are currently in, as we haven’t experienced one for as long as the models have existed. Spending (and therefore national debt) is needed, but it should be active (long-term infrastructure) rather than passive (bailing out essentially bankrupt banks). [Sounds like we need a word for a bankrupt bank?]