The White House also looks to be on team balance sheet....
When Noam Scheiber wrote about how the administration viewed the economy in late 2010, he explicitly contrasted its wonks’ opinions with that of the balance sheet recession theorist Richard Koo. So is this a revolution within the administration? Is this why it is now pushing for writedowns and refinancing, after having left housing on the side for the past three years? Let’s hope so, since I consider being three years late to the party better than never showing up.Read it at Rortybomb
Is the Administration Joining Team Balance-Sheet Recession?
by Mike Konczal
Still no sectoral balances mentioned. I guess they haven't discovered MMT yet, or Wynne Godley, either.