Dean Baker in 2008: We Were Taken For a Ride by the Banks

Courtesy of Jaime Falcon.

This is a great Dean Baker piece from 2008. A couple of quotes:

  • Bush, Paulson and Bernanke missed the bubble. We are in this crisis because they missed it. It really takes some nerve for people who totally messed up their job, to talk to us like we are idiots.
  • If you don’t understand the housing bubble, you don’t know what you are talking about. Every economist who does this for a living should have been able to look at this and call a housing bubble.
  • In terms of TARP: The banks have a gun pointed at their head and they are telling us that if we don’t give them $700bn they are going to pull the trigger. I’m willing to live with that.

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