Saturday, October 17, 2009
Why the economy nearly collapsed
Lord knows I usually can't stand the New York Times, with it's hideous liberal slant and what not. Which would be fine, except they pretend they are an unbiased paper, mountains of evidence to the contrary (most recent example: denial of the ACORN scandal). But that's another post for another time. Google News dug up this absolutely astounding op-ed piece which basically blames the financial crisis on too many smart people entering finance, inventing derivatives and credit default swaps, when they should have been studying physics or engineering. Part of the rationale was that college has become so expensive that the smartest students started picking finance so they could pay off their gigantic student loans faster. It makes more sense then anything else I've read on this most important subject, and while it's not the only reason we're in the sorry state we're in (mass government intervention in the housing market and good old fashioned greed come to mind) it explains quite a lot.