Bubbles are not fundamentally about evil people doing evil things. They are not even about stupid people doing stupid things. No, the problem with bubbles is worse: It's quite ordinary people, doing stupid things that a trick of the light has made appear very smart.
McArdle also discussed this in There Are No Villains in Financial Crises, Villains of the Piece, an appearance on CNN with Matt Taibbi and The Government's Role in the Housing Bubble. There are probably more posts on the subject as well. It is not surprising that a blogger would revisit a topic but it is notable that she would continue to peddle the same debunked material for years.
McArdle adds variety and changes focus on her rehashes but whether or not you serve it with catsup or poached eggs on top, it's all hash.
Post a Comment