Article is wrong on so many counts
The cause of the crash was FAS157, an accounting change.
The reason the crash has been so deep and long is there was/is an incorrect accounting of risk (spreading it out does not reduce it).
The problem is not in Economics, it is in Accounting, we account for the wrong things and so allocate resources into the wrong places.
One of the few statements I can agree with is
'One issue that is glaring is that the average person has no idea about economics on any scale from domestic to national.'
The author demonstrates his averageness brilliantly.
Biting the hand that feeds IT
