The most dangerous phrase when talking about the economy is "it's different this time."
But some things truly are. Our recent recession was the first crisis to take place during the 24-hour cable news era, the blog era, and the Google-Twitter-Facebook era. Information now travels much faster than it did in the past. And as Mark Twain pointed out, a lie can travel halfway around the world while the truth is still putting on its shoes.
I recently asked Chrystia Freeland, editor of Thomson Reuters, if the media played a role in the financial crisis. That moved into a conversation about why so many experts missed the crash. Here's what she had to say:
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