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On 11/8/2008, Prof. Robert Shiller wrote the following.
“The financial crisis that afflicts the country is largely a result of speculative bubbles, built on false hopes, in the housing and stock markets.”
See
http://www.nytimes.com/2008/11/09/bu...09shiller.html
On 11/15/2008, Pres. George Bush said the following.
"Those of you who have followed my career know that I'm a free-market person," he said. "Until you're told that if you don't take decisive measures, then it's conceivable that our country could go into a depression greater than the Great Depression."
See
http://www.upi.com/Top_News/2008/11/...6291226790716/
On 11/14/2008, Treasury Sec. Henry Paulson spoke as follows.
"We have in many ways humiliated ourselves as a nation with some of the problems that have taken place here," Paulson said in an interview with CNBC television.
See
http://calculatedrisk.blogspot.com/2...selves-as.html
See bubbles here, first and last charts:
“Real Dow & Real Homes & Personal Saving & Debt Burden”
http://homepage.mac.com/ttsmyf/RD_RJShomes_PSav.html
“The financial crisis that afflicts the country is largely a result of speculative bubbles, built on false hopes, in the housing and stock markets.”
See
http://www.nytimes.com/2008/11/09/bu...09shiller.html
On 11/15/2008, Pres. George Bush said the following.
"Those of you who have followed my career know that I'm a free-market person," he said. "Until you're told that if you don't take decisive measures, then it's conceivable that our country could go into a depression greater than the Great Depression."
See
http://www.upi.com/Top_News/2008/11/...6291226790716/
On 11/14/2008, Treasury Sec. Henry Paulson spoke as follows.
"We have in many ways humiliated ourselves as a nation with some of the problems that have taken place here," Paulson said in an interview with CNBC television.
See
http://calculatedrisk.blogspot.com/2...selves-as.html
See bubbles here, first and last charts:
“Real Dow & Real Homes & Personal Saving & Debt Burden”
http://homepage.mac.com/ttsmyf/RD_RJShomes_PSav.html