Paul Krugman, Daily Beast
In the scary months that followed the fall of Lehman Brothers<http://www.thedailybeast.com/newsweek/2009/09/13/left-behind-by-lehman.h..., just about all major governments agreed that the sudden collapse of private spending had to be offset, and they turned to expansionary fiscal and monetary policy—spending more, taxing less, and printing lots of monetary base—in an effort to limit the damage. In so doing, they were following the advice of standard textbooks; more important, they were following the hard-earned lessons of the Great Depression.
But a funny thing happened in 2010: much of the world’s policy elite—the bankers and financial officials who define conventional wisdom—decided to throw out the textbooks and the lessons of history, and declare that down is up. That is, it quite suddenly became the fashion to call for spending cuts, tax hikes, and even higher interest rates even in the face of mass unemployment.
Scott Walker's Austerity Agenda Yields 'Worst Job Losses in US', John Nichols, The Nation