Heavy Lifting - thoughts and web finds by an economist
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Friday, October 17, 2008
John Steele Gordon has a nice piece in Commentary Magazine which outlines the trail of bad decisions (both private and governmental) that contributed to our recent "crisis."
I like the opening paragraphs:
Fueled by easy credit, the real-estate market had been rising swiftly for some years. Members of Congress were determined to assure the continuation of that easy credit. Suddenly, the party came to a devastating halt. Defaults multiplied, banks began to fail. Soon the economic troubles spread beyond real estate. Depression stalked the land.This discussion is similar to my c. 190X series over at Division of Labour.
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