Friday, March 27, 2009


I don't claim perfect foresight about all of this stuff. I knew the housing bubble was unsustainable, though I didn't claim to know if it would pop. I knew banks were giving out loans which were bad for the people who were getting them, but I didn't know that lending standards had gotten so bad that "ability to repay" had stopped being a real consideration. And I didn't, until later, know about the crazy financial asset voodoo which was going on.

Greg Mitchell
points me to this clip of Jim Cramer calling Andrew Cuomo a communist in 2007. While this basic conversation never was as mainstream as other debates, it's important to remember that people who suggested there was a housing bubble were generally treated like they were crazy, and mainstream news outlets generally turned to people in the real estate profession for their wisdom about this subject.