The Dismal Science's Take on Financial Crisis

So, since Becca still hasn't posted in a while, you'll get another quick blurb from me. Those of you who know me well know that I sometimes lack... how shall we say... sensitivity. I like to think I have a special skill of being highly objective :-)

Anyway, after doing Accounting at BYU I decided I definitely didn't want to be an accountant, so I doubled up with a major in Economics to make sure I could get a job I wanted without being viewed as a bean counter (no offense to my really good friends who stayed in that world - haha). Going through the Econ program didn't exactly increase my "sensitivity", but gave me some great "objective" models to talk through the positions I take. Econ is often referred to as the dismal science because it's views aren't always the rosiest.

That said, I came across a great commentary by Jeffrey Miron on the current credit crisis. I probably think it's great since it's an economist's point of view and advocates some of the harsh realities of the free markets to play out -- meaning that bankruptcy and not bailout is the fate that should be met by most of Wall Street's finest. Miron explains pretty clearly how we got into this mess and gives his take on how to get out.

Give it a quick read and just hope that Becca has more free time so you don't have to hear another post from me for a while!