I’m finding it almost impossible to write about the economic news right now. It’s not just the scale of the disaster; it’s the way we were led into disaster by Very Serious People who were quite sure that their prejudices somehow constituted wisdom.
If there’s any saving grace in the meetings I’ve been in lately, it is that at least some of the VSPs seem finally to get the fact that maybe they don’t actually have it all sorted.
But then there are the others.
I’ll get some substantive stuff up shortly; but just look at the man who insisted that credit default swaps had made the financial system stable, that there was no housing bubble, that the housing market was poised for recovery in 2006, telling us that with interest rates at their lowest levels ever, what we need to worry about most is … the threat of rising interest rates.
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