Blog Archives

Now The Real Work Begins

Posted in Uncategorized Tagged with: , ,

So much for summer vacation.  It’s back to work for Economic Principals.  Doing what?  Plowing through the torrent of literature of the 2007-09 crash, among other things. The experts’ deciphering of the crisis is nearly complete. Now the real work begins. The best account of what happened, packaged as a book and intended for the intelligent lay reader, still seems to me, as it did in April, that of Gary Gorton, of Yale University, Slapped by the Invisible Hand: The Panic of 2007, which described the problem as the high-tech equivalent of an old-fashion nineteenth-century banking panic. Federal Reserve chairman