Revisiting Lehman
For reasons that I don't quite understand, Krugman has gone all upside Taylor based on a two year old post from Economics of Contempt, and DeLong has joined in the fun. Its kind of an undead debate.
The basic problem is that the parties are talking past each other -- some using Lehman's "bankruptcy" to mean its failure, whereas Taylor may be referring to the bankruptcy process itself. Maybe -- I'll admit I'm probably giving Taylor more credit than he deserves here.
BTW, here is my take on this general topic (via Dealbook).
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