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Thursday, February 12th, 2009

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Financial Crisis 101
Bojojoti comments: "I thought the problem with the banks was that they had lent too much money poorly, and that brought about a great deal of the mess we are in at present."

Basically, you are correct. Here is my account of what happened to create the financial crisis. Let me explain the theory, and recite the historical events wherein the theory is played out. Unfortunately, I am simplifying complex phenomena, and telling it from a partisan point of view, so take everything here with a grain of skepticism. Nonetheless, the general outline is clear.

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