The One Who Saw It Coming
Robert Shiller is one of a handful of economists who have been feted for foreseeing the credit crisis, but he is the only one who predicted it for the right reasons. New York University's Nouriel Roubini, now known as "Dr. Doom," warned as early as 2006 of an imminent housing crash that would stop America's consumer-spending spree and lead to severe recession. Another über-bear, Morgan Stanley's Stephen Roach, had warned for years that the weakening dollar and the U.S. trade deficit with China were signs of a dangerously imbalanced global economy, doomed to fall.
There’s Still Room to Spend
It's become a mantra: American consumers have been living beyond their means, using their homes as piggy banks, borrowing promiscuously, and now the bill is coming due. Having nearly drowned in a sea of debt, U.S. consumers must now repair their personal finances, spend more prudently and recognize the wisdom of past generations: spend only what you earn and what you have.
The Weight of a Mustard Seed by Wendell Steavenson
IT HAS BEEN NEARLY six years since the US invaded Iraq, almost as long as the Second World War lasted, and yet our understanding of these years, as well as the long reign of Saddam Hussein, remains at best primitive.