Nobelist Paul Krugman writes:
It’s politically fashionable to rant against government spending and demand fiscal responsibility. But right now, increased government spending is just what the doctor ordered, and concerns about the budget deficit should be put on hold.
From yesterday's FT comment page: "Man in the News: John Maynard Keynes"
[Keynes'] renewed influence can be seen everywhere: in Barack Obama’s planned stimulus package, for example. When George W. Bush said his administration’s plan to take equity in banks was “not intended to take over the free market, but to preserve it”, he could have been quoting Keynes directly.
Financial crisis haunts Milton Friedman's legacy:
U.S. economist Milton Friedman, the champion of unfettered markets, is under siege for theories that some blame for unleashing the global financial crisis.
His legacy is even being questioned on the leafy University of Chicago campus that he once called home.