John At The Center

The lesson of the Depression and of Japan’s “lost decade,” Mr. Summers says, is that governments facing a credit squeeze are usually too meek. If you wait to take radical action, like the new $800 billion program to promote lending, until it seems unavoidable, you have usually waited too long.

http://www.nytimes.com/2008/11/26/business/economy/26leonhardt.html?hp