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Mon Nov 19, 2012, 05:21 AM

Dean Baker: Re-Writing the History of the Housing Bubble and the Economic Crisis

http://www.nationofchange.org/re-writing-history-housing-bubble-and-economic-crisis-1353256906

At least a few of us did recognize the housing bubble, and the dangers it posed at the time, and did everything we could to try to warn the country. For this reason it was somewhat shocking to see a book review in the New York Times by Noam Scheiber, an editor at the New Republic, that longed for the day when we will have people who can use data to identify housing bubbles before they grow so large as to pose a serious danger to the economy.

The personal slight is beside the point; the issue is that our elites are being allowed to construct an alternative reality that absolves them of responsibility for the ruined lives all around us. The reality is that people in positions of authority chose to ignore the evidence of a rapidly growing bubble and those trying to call attention to the dangers it posed. Instead we have Scheiber giving us the “who could have known story?” His case is that the dynamics of the bubble were just too complicated for people to grasp given the tools available at the time. The people who clearly warned of the bubble, using data, simply did not exist in Scheiber’s universe.

If it were just Scheiber saying this on a rant somewhere, he could be easily dismissed as a crank. While he is a prominent writer on policy and politics, prominent writers say ridiculous things all the times.

But this was not just a random rant. It was a book review in the New York Times, by far the nation’s most prestigious newspaper. It is a paper that employs fact checkers and prides itself on accuracy. Would the NYT allow a book reviewer to bemoan the fact that no one had questioned the existence of weapons of mass destruction in Iraq prior to the war?

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Reply Dean Baker: Re-Writing the History of the Housing Bubble and the Economic Crisis (Original post)
eridani Nov 2012 OP
Atman Nov 2012 #1
sigmasix Nov 2012 #2
Po_d Mainiac Nov 2012 #3
snot Nov 2012 #4

Response to eridani (Original post)

Mon Nov 19, 2012, 06:26 AM

1. Hell, even I warned about several times!

And I posted journal entries about here on DU. Not that I expect the nation to have been concerned with the warnings from a grapic designer posting on a message board, but to claim "who could have known" is the height of absurdity.

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Response to eridani (Original post)

Mon Nov 19, 2012, 06:26 AM

2. many MSM interviews

I seem to remember more than a few warnings in MSM interviews with agents describing almost exactly what was going to happen, but they were roundly critisized as "chicken little" talking about the sky. Thanks for the OP- we need more hard information.

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Response to eridani (Original post)

Mon Nov 19, 2012, 11:49 AM

3. Scheiber likes his own "facts"

Last edited Mon Nov 19, 2012, 12:46 PM - Edit history (1)

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Response to eridani (Original post)

Sun Nov 25, 2012, 03:34 AM

4. "Would the NYT allow a book reviewer to bemoan the fact that no one had questioned the existence of

. . . weapons of mass destruction in Iraq prior to the war?"

Um, well, yeah, probably, sorry to say.

But, of course, k&r'd.

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