Paul Krugman won the Nobel Prize in Economics this year, and, after reviewing a few articles I saved, I can see why. Although he won the prize for his work in trade and economies of scale (kind of a dry subject) it is this article that caught my attention back in 2005. He nailed what we are going through today. The essence is easy credit and nobody in the great investment banks wanted anyone to put the old whoaa to all that money flowing in the door. Can you blame them? CEO's making billions and directors making millions (that's called a feed back loop), hell yea! 'keep it coming love'. But I digress. Krugman has been warning of this thing for over 3 years. What has O'Reilly been ranting about? Holiday season. Yes, my friends, the use of holiday seasons as opposed to Merry Christmas. When I worked in a big retail store, it was always easier (in October or even November) to simply say "happy holidays". I meant no disrespect to Christ or Bill O'Reilly or even Fox News. I was simply trying to get a sale and move on. I was on commission and did not have the time to decide on what term to use. Period. What was Rush talking about while Krugman was earning his bona fides? Probably Bill Clinton's penis. I swear if you were alive at the time you could open an AM (oops!! open? I meant dial in) station and literally listen to ol el rushbo wax at length about Bill's penis. I guess it is one of the reasons I think Rush may be gay. Don't get me wrong, that's OK Rush. Anyway, look at the article. It reminds me of Condi saying "no one expected them to use airplanes". Right.
Greenspan and the Bubble - New York Times
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