and realize the canessan economics went through the same cycle. it was imcomplemented in the 1930s, helped end the great decision, and then misapplied in the 1950s and 60s and gave us inflation. so there was a symmetry that was interesting, and then i tried to ask, well, what's going to come next? >> host: that's where i'm going to ask you, what comes next? have we come full circle to an kensyaan economics. >> guest: as i was finishing the book as the economic crisis hit, and it was quite clear to me that the economic conditions we're viewing were almost identical to the canes analyzed in the 1930s. so it was a useful exercise for me to have that background just as this happened, but i had to short, circuit my thoughts about what was going to come next because i was overwhelmed by the economic crisis. >> host: when folks talk about that, they talk about more spending. correct? >> guest: to me the essential point -- you have to understand that what runs the macro economy is essentially federal reserve policy. monetary policy, but there are times wh