Found here-- The Great Stagnation is Cowan's theory that the economy is growing slowly in part because the easily developed good ideas have been used up for the past while.
Since I like simple psychological explanations, I suggest that part of the slow recovery is that the particular sort of collapse we had destroyed more trust and optimism than the average bubble. I think that bankers aren't simple profit-maximizing machines. They're human beings, and they were freaking out. They probably still are.
This is not a defense of fraud on a grand scale-- just a note that even thieves can panic.
 The reason I didn't check on my memory that Obama had been called a socialist was that I was posting in a low-energy moment, so I had just enough energy to imply that I was uncertain, but not enough to check.
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