Reply #3: I will say that the developments were in good intention

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Keynesian economics had some flaws in it at the time so it allowed for other schools of economic thought to arise.

They believe that free markets are self correcting, and that promoting investment and lowering taxes will help grow the economy. Some of these ideas worked to a certain extent and the economy was growing well, so it was considered the accepted theory.

I think that this financial crisis will change the way economics is taught in this country, and it will return to a more Keynesian approach emphasizing the need for regulation.

The day that Paulson asked for 700 billion was the day that neo-liberalism died.