Posted in Politics

Quote of the Day – Housing Crisis Edition

Megan McArdle:

Bubbles are not fundamentally about evil people doing evil things. They are not even about stupid people doing stupid things. No, the problem with bubbles is worse: It’s quite ordinary people, doing stupid things that a trick of the light has made appear very smart.

Every time you hear that the markets or the economy are rigged so as to be “recession-proof”, laugh. It’s what I do.

Author:

I write and publish things with the speed of a hare and the determination of a tortoise. I am building it; it will come.

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