Russ Roberts: Learning from the Financial Crisis

Never let a good crisis go to waste, the saying goes. The only thing worse than suffering through a financial crisis is suffering through one and not learning anything from it.

What have we learned from the last five years? I recently sat down with Hoover Institute economist Russ Roberts, who took a stab at the question. Have a look:

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  • Report this Comment On April 03, 2013, at 11:52 AM, TMFDarwood11 wrote:

    "He's so skeptical about the data." I suggest, he is honest!

    There are a lot of arrogant statisticians and economists out there. There are also a lot of shills.

    Housing should not be considered an "investment" I consider it a hedge. I've got to live somewhere, and would I rather flush that monthly amount as rent or would I rather put some of it to work via equity. I'll never get rich from buying my house. But one day, I may only have to pay taxes on a fully paid home. That's cheaper than rent!

    I agree that "we haven't learned." For one thing, on a personal level, now too many say "real estate sucks" and have decided to rent. That's a decision to flush that monthly fee. For anyone in a stable situation that's a vote to spend money.

    As for the government which includes the regulators, the bureaucrats and the politicians, the answer is "they will NEVER learn." That's what happens when one does not directly suffer the consequences of their bad decisions. These people are all very, very insulated.

    Even Iceland has put some of the miscreants in jail. But not here, in the USA.

    The operative question for all Americans is this. How can one function and protect one's retirement savings (whatever it is, $25,000 or $2,500,000) from the ravages of the consequences of these drunken sailors?

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