Dept. of Magical Thinking - Re: New Yorker of 9/24/08
I think ‘magical thinking’ is apt for what brought down our financial system, but it’s a view from hindsight, not foresight, and altogether too imprecise. I wrote my first comprehensive paper on growth induced collapse 30 years to the day before the Fed called this one to a halt.
The problem now as seen from foresight […]