Alan S. Blinder, a professor of economics and public affairs at Princeton and former vice chairman of the Federal Reserve points to what he calls the Six Errors that have brought us to the question-- "WHAT’S a nice economy like ours doing in a place like this?"
As the country descends into what is likely to be its worst postwar recession, Americans are distressed, bewildered and asking serious questions: Didn’t we learn how to avoid such catastrophes decades ago? Has American-style capitalism failed us so badly that it needs a radical overhaul?
Blinder believes those six errors to be: wild derivatives, sky-high leverage, the subprime surge, fiddling on foreclosures, letting Lehman go under, and mismanagement of TARP.
It didn't have to happen, he believes, but it did and he explains why.
Read more here.
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