The Bailout Reader
The Ludwig von Mises Institute has published a "bailout reader", a collection of articles related to the financial crisis and the proposed bailout of Wall Street. One of the articles in the section "Who predicted the crisis" was my classical "America's unsustainable boom" from November 2004, where I identified the housing bubble and the generally unsound elements of the U.S. boom, and predicted that this would eventually turn into a bust.
posted by stefankarlsson at 9:42 AM
1 Comments:
Great collection of good essays. Mises.org is always a pleasure to read, because of the soundness of their economic theory and the accuracy of their predictions. To be honest, even people like Robert Shiller was very well on the track about all the things going on in the housing market, but of course his medicine to the bust is almost worse that the crisis itself. In fact, it strangely seems to be that competing semi-libertarians, such as monetarists and supply-siders are extremely horrible in predicting the future. I was really shocked when I noticed how Milton Friedman glorified the US economy in the late 2005 in the Charlie Rose show by saying that "the stability of our economy is greater than it has ever been in our history" .
By the way, it looks like you were right about other important issue too. I've been following with great interest this ongoing deflation/inflation debate. It now seems that many deflationists are defecting to the stagflationist camps. Even Gary North has changed his earlier opinion about deflation.
Post a Comment
<< Home