Over at Grasping Reality: I Note Dean Baker’s Smackdown of Me and the “Debt School”‘s Theory of the Lesser Depression

Monday DeLong Smackdown: Dean Baker: Question for Brad DeLong and the Debt School…:

As I have said (often), I am on Mian and Sufi’s side of this argument. But Dean Baker is not without points on his side: ‘What would our saving rate be if we didn’t have [a] debt [overhang]?’