Goodspeed has little patience with the moralising that claims recessions are a nation’s just deserts for periods of greed and moral decrepitude. He disapprovingly cites Alan Greenspan’s description of periods of “irrational exuberance” for which Greenspan suggested that downturns and recessions were just punishments. Goodspeed compares much of this sort of discussion to “the parables of Jesus or Aesop’s fables”: fine for moral instruction, but not really the prime causes of economic downturns.
-Joel Kotkin, from this substack post
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