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The "bottom dropping out" means at minimum a great depression, quite possibly wide-scale violence. Economists almost always hand-wave away the financial (let a
by mLuby 7y ago
The "bottom dropping out" means at minimum a great depression, quite possibly wide-scale violence.
Economists almost always hand-wave away the financial (let alone human) cost of forcing people can switch jobs or careers, then complain people are "irrational actors." I assume they do this because economists are actually bad at economics and so should find jobs more suited to their aptitudes.
- brighton36 7y agoSure. The fat has to get trimmed. Short these loans I suppose, if you want to make money during the depression.
- ben_w 7y agoWhat is your advice for the people who are defaulting on the loans because they don’t have enough money to pay them never mind short them? Remember that previous examples of people rioting over poverty has included literally beheading the rich, en-masse, in a fundamental change of the nature of national governance.
- zajd 7y ago> Remember that previous examples of people rioting over poverty has included literally beheading the rich, en-masse, in a fundamental change of the nature of national governance. I'm in