Any Austrian economist has got to snigger at Rick Newman’s opening paragraph in his article in US News & World Report: One thing that’s fascinating about an economic crisis is the way ordinary people confound the experts. Consumers are expected to behave according to sophisticated economic models that have been built over decades, but sometimes [...]

The first piece that crossed my Mac 13″ laptop this morning was this piece in the Wall Street Journal by Donald Luskin, “Can the Fed Identify Bubbles Before They Happen?” Luskin, a guy who denied that there was a housing bubble right up to the end, writes about William C. Dudley, the ex-Goldman Sachs economist just [...]