Wednesday, March 19, 2008

The Financial Crisis Explained

Not by me, of course. I'm an English major and a history buff. If you want to know which Shakespeare plays take place during the War of the Roses, I'm your guy. But this whole sub-prime mortgage crisis has made me feel like, well, an English major during a financial crisis.

Which was why I was encouraged to read these words today by David Leonhardt in the New York Times:

"Raise your hand if you don’t quite understand this whole financial crisis. It has been going on for seven months now, and many people probably feel as if they should understand it. But they don’t, not really....I’m here to urge you not to feel sheepish. This may not be entirely comforting, but your confusion is shared by many people who are in the middle of the crisis. "

My hand shot up, of course. For the full article, go here. I read it, and for a brief shining moment I think I understood the crisis. Alas, I think the moment has passed...

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