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The real problem is that those who sounded warning still subscribed to the panglossian view that the market is the best of all possible worlds, even if it is out of balance.

En un viejo país ineficiente, algo así como España entre dos guerras civiles, poseer una casa y poca hacienda y memoria ninguna. -- Gil de Biedma
by Migeru (migeru at eurotrib dot com) on Tue Sep 22nd, 2009 at 05:32:14 PM EST
[ Parent ]
Which, in a sense, is why the technical concerns they raised did not have the full value of warnings.
by afew (afew(a in a circle)eurotrib_dot_com) on Wed Sep 23rd, 2009 at 11:16:53 AM EST
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