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BK Blog Post
Posted by Jared Bernstein.
From 2009 to 2011, Bernstein was the Chief Economist and Economic Adviser to Vice President Joe Biden, executive director of the White House Task Force on the Middle Class, and a member of President Obama’s economic team.
Or, to add a level of complexity, to conflate insolvency with illiquidity is to ask for a protracted mess that delivers more pain than relief.