In the years leading up to the 2008 financial crash, an influential section of the American political class became convinced that a major economic crisis was on its way.

Serious Washington players like Robert Rubin, who served as head of Bill Clinton’s National Economic Council from 1993 to 1995, Peter Orszag, another heavyweight Clintonite economist, and Larry Summers, Clinton’s Treasury Secretary between 1999 and 2001, all raised the alarm.

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