Click here for the counterprogramming argument that it has not and declines are overstated (The social safety net is working.)
In related news, an article titled "Buffett Calls Fed History’s Greatest Hedge Fund" by Bloomberg ends with the following Buffet quote:
“We have learned to turn out lots of goods and services, but we haven’t learned as well how to have everybody share in the bounty,” Buffett said. “The obligation of a society as prosperous as ours is to figure out how nobody gets left too far behind.”
The disconnect between the article title and the end quote is precisely what is wrong with mainstream thinking.
All we need now is Bob Woodard to write "Maestro II Bernake's Fed and the American Recovery from the Great Recession".
After its release I will execute the following steps:
throw up in my mouth
sell all my possessions
take all my money out of the bank
move back to the farm and live with my mother
repeat step 1