Yesterday, The New York Times profiled Harvard professor David A. Moss, who is researching the relation between income inequality and financial crises. Apparently, this connection just “came to Mr. Moss about a year ago.” The usually-savvy financial commentator Yves Smith thinks Moss is putting forward “a bold thesis” because inequality is more likely “a secondary contributor.”
I have to admit my surprise that Moss and Smith are, well, surprised.
I wrote about this dynamic in December 2008 (and again in October 2009). Hey, can I be a Harvard professor too? Continue reading “You Heard It Here First”
First, an apology: I’m not very good at this whole blogging thing. I’m the kind of writer who likes to go into a cocoon for several days and reappear with a finished work. I get absorbed in my work, and it’s hard to force myself to post something everyday. Some writers find it easier to pour out their thoughts in-the-moment and collect it all into a coherent work later. So I’m back, but no promises about how long it’ll last.
Second, an observation: In the time I’ve been avoiding this blog and the news, nothing has changed. Legislators and economists are still arguing over fiscal stimulus, the financial regulation bill looks pretty much the same as it did a month ago (or two months ago, for that matter), investors are still worried about European debt, and Afghanistan is still a complete mess. I used to think the world would pass me by if I stopped paying attention for a few weeks, but I’ve come to realize that real change is rare—and the bulk of what we spend our time worrying about is the same things over and over. Continue reading “It’s the Same Old Song…and It Sucks.”