Christy Romer kicks it old school
Check out her "Lessons from the Great Depression" here.
Here are the bullet points:
"One crucial lesson from the 1930s is that a small fiscal expansion has only small effects."
"A second key lesson from the 1930s is that monetary expansion can help to heal an economy even when interest rates are near zero."
"This discussion of fiscal and monetary policy in the 1930s leads me to a third lesson from the Great Depression: beware of cutting back on stimulus too soon."
"The fourth lesson we can draw from the recovery of the 1930s is that financial recovery and real recovery go together."
"The fifth lesson from the Great Depression is that worldwide expansionary policy shares the burdens and the benefits of recovery."
"The final lesson that I want to draw from the 1930s is perhaps the most crucial. A key feature of the Great Depression is that it did eventually end."
The whole thing is worth reading, interesting and well documented, but what ultimately stayed with me is how politicized it is, essentially trying to justify all the Administration's moves as being drawn from "the lessons of history". Also, I am not sure how the final lesson is supposed to be any sort of actual lesson or even source of comfort.