Wednesday, April 15, 2009

3 economists trash bailout plans

Job programs, not temporary tax cuts, for one. This is a thought-provoking article.

Robert Shiller pointed out that economists failed to predict the problem by not considering the psychology behind the housing bubble and Wall Street excess. "We've gotten very speculative in our thinking. There was a psychology that developed... You still have these economists that say it can be explained by building costs, population and interest rates but we say it's more about the culture."

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