Monday 28 September 2009

To counter vague theories with anecdotal evidence

As a sort of answer to the theory that the European Social Democrats are losing elections because all those smart educated people have realized that the true reason for the crisis was government regulation of the financial industry (wow, you say, why DID I NOT THINK OF THAT?), I very much recommend the most recent This American Life Podcast that describes how all those wacky mortgages (like "no income, no assets" - NINA) could happen, and what kind of geniuses were earning thousands of dollars and blowing them on champaign.

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