John B. Taylor Calls for Permanent Tax Cutsbr The Hoover Institution - Hoover Institutionbr What are the lessons we learned -- and perhaps unlearned -- that permitted the American economy, once so convulsive, to grow in such a robust and sustained way for the last quarter of a century?Economist John Taylor discusses today's financial crisis, which he labels the most "unusual" crisis since the Great Depression. He identifies a number of factors contributing to the crisis, but locates its origins in the monetary excesses of the Fed.