James K. Galbraith in WaPo. Go read.
Of course, Galbraith's not Serious
. To be Serious
, you've got to demand billions of dollars in taxypayer money, with the exact amount determined by a number you picked out of your own puckered anus.
NOTE Via Anglachel.
- lambert's blog
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Also read
his dad's book: A Short History of Financial Euphoria (John Kenneth Galbraith).
It really is short (110 pages) and extremely easy to understand, and you'll discover that this is no different than any other speculative episode, from tulip mania to the collapse of the dotcom bubble and everything in between.