Tag: irrational exuberance

The Bubble Economy and the Rationality of Irrationality: Recapitalizing Virtue

On By The Social CriticIn Economics & Globalization, Politics & Public PolicyLeave a comment

For all the talk of Wall Street reform and consumer protections the problem of predatory lending has not been eliminated. Subprime lending continues in the auto financing industry and elsewhere, and unlike conservatives' criticism of the housing market there are no federal subsidies to finger. Policymakers have, indeed, caused the problem but for reasons other …

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The Man Who Foretold Our Economic Fate

On By The Social CriticIn Economics & GlobalizationLeave a comment

The rhyme and the reason behind the lingering Great Recession spelled out 13 years beforehand by a billionaire who also correctly predicted the 1987 stock market crash. The housing bubble predicted six years before it burst by a prescient law school professor and Obama Administration financial reform advisor…