Ryan Avent offers some evidence that despite the infuriatingly bad implementation and continuing dire situation, the passage of the $700 billion rescue package did in fact help avert a greater disaster:
What you’re seeing post bailout are spreads that exist on the high end of the unusually high levels we saw throughout 2008. But pre-bailout, things were spiking at way, way, way higher levels in a way that could have truly brought the economy to its needs. We need to do better, but to do better we need a better administration.
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