April 11, 2015
THAT CERTAINLY EXPLAINS THE LAST ONE...:
What Causes Recessions? (Noah Smith, 4/10.15, Bloomberg View)
One time, at a dinner, I asked a famous macroeconomist: "So, what really causes recessions?"His reply came immediately: "Unexplained shocks to investment."
...where it was revealed that the supposedly low risk derivatives that had been sold to investors were actually packed with high risk debt.
Posted by Orrin Judd at April 11, 2015 7:01 AM
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