"The forces of the market are just that: They are forces; they are like the wind and the tides; they are things that if you want to try to ignore them, you ignore them at your peril, and ... if you find a way of ordering your life that is compatible with these forces, indeed which harnesses these forces to the benefit of your society, that's the way to go." -- Arnold Harberger, University of Chicago Economist
Saturday, October 11, 2008
Lessons from Wall Street's 'Panic of 1907'
This is an article and a 5 minute audio interview about the "Panic of 1907." It was recorded in August 2007 when most people realized that the problems in the subprime mortgage market were significant, but believed we could avoid a full-blown crisis. We now know better.