Economic Collapse

Posted: March 15, 2009 in Economics

David Bahnsen has some appropriate comments at:

Book Review of “Panic: The Story of Modern Financial Insanity” by Michael Lewis

I want as badly as the next guy to find someone to blame for the economic mess we find ourselves in. I have spent more hours this year studying the present economic malaise than you would believe if I told you, and I am sad to report that any attempt to narrow the blame game down to one politician, or one Wall Street firm, or even to one general category, is not only too simplistic, it is stupid. Many of us are excited to say goodbye to 2008, and I do believe 2009 holds much more promise, but it is fundamentally false to assume that 2008’s problems and causes are essentially new. And it is even more false to think that certain elites are at the root of it. Sadly, like the author of Ecclesiastes said, “there is nothing new under the sun.” And this year’s mess, like nearly every mess we have seen in modern economic history, was caused by a familiar cast of characters: greed, irresponsible speculation, and irrational panic.


See the rest of the review under the book reviews section at David’s site.




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