Economic Crises

An article in Newsweek asserts that Obama’s reforms will not prevent future economic crises. A snippet:

Every financial crisis originates in a failure of imagination. It’s not that, before the crisis, no one foresees problems, “excesses” and losses. There are usually warnings. But what’s routinely overlooked are the fatal interconnections that transform problems into panic. People panic because the future goes dark. They don’t know what to expect, so they expect the worst. Markets cascade uncontrollably downward.

During our layover at DFW yesterday, on the way back home from El Paso, I read an article in Harper’s predicting Obama’s pending failure due to his lack of boldness and propensity to play it safe. It was both interesting and depressing, and addressed a concern I am sure many of Obama’s supporters share. The article is worth a read, as well (sadly, I cannot post a link as you must be a subscriber to read the full article online).

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