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--nothing is completely simple.
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Anyway, this recession has been a model
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for what happens in recessions.
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The idea that emerged--the memory
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of the '81-82 recession is very strong in our imagination
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because we think that it was caused by lax monetary policy,
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by liberal thinking,by the soft-hearted liberals
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who just didn't want to create any pain and suffering.
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I'm talking about the view that's commonplace.
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So, we finally got tough
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and we got Paul Volker in there
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and central banks around the world