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I'm wondering about Chrtistine Romer's research on the Depression and the possible theoretical differences in her analysis of its causes vs. Friedman's. How might this affect the direction of the plan for recovery?

How did these guys miss the fact that the housing bubble bursting would be more devastating than the bursting of the internet bubble?

Millions of people didn't live in and pay mortgages, securitized mortgages, for websites...

Amen, Anthony!

The auto workers make $18 an hour and cap at $28/hour, not the $71/hour lie perpetuated by corporate media.

RC -- I can't answer your question -- it's too easy!

Are we basically engaging in Keyensisim and Monaterism simultaneously. I understand Milton Freedman believed that the main cause of the Depression was the failure of the banking system. That would explain Bernake's actions.

Also, why hasn't the government guaranteed all mortgages for at least a 5-7 year period. I would think that would have avoided the asset values on the banks balance sheets to decline.

And, allowed the government to work out whatever it needed with individual home owners.

Also, how hard is to track down the ultimate owner of these mortgages since a lot of them were turned into securities?

Is it my imagination or did Paulson gut Bernanke's role after a couple weeks into the so called crisis? (I say so called because I peg the real start date of the crisis w Greenspan's appointment). Anything fly on the wall on this relationship?