Don Parsons passed on an excellent analysis of the causes of our current recession by Steven Gjerstad and Vernon Smith published in the April 6th edition of the Wall Street Journal. The comparison of the relatively mild tech bubble with the devastating real estate bubble is particularly enlightening; in one case market losses were easily absorbed, in the other governments were brought to their knees. There are many fathers of each bubble. The difference is that the real estate losses were transferred to the financial markets through significant leverage. The government action in each case is clearly distinguishable.
The commentary on this excellent analysis is contained in four letters to the editor in the April 9th edition of the WSJ. These by economists contain supplemental ideas as well as some criticism.
The combination of analysis and commentary gives us an in depth study of our current troubles and the government’s attempts to overcome them.
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