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Cake day: March 23rd, 2025

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  • He only controlled his response to it (which wasn’t great, as that money was used to allow banks to pay bonuses and buy up foreclosed properties while people laid off for no fault of their own lost their homes).

    That ‘not great’ response prevented the complete and imminent collapse of the entire global economy. I’m not sure what the phenomenon of discounting the much worse outcome is once it is avoided, but I’m pretty sure it has a name.

    It’s the same phenomenon that has people say that the covid crisis was overblown and vaccination was unnecessary because it subsided on its own, ignoring the impact that billions of people getting vaccinated had.