TIME Diagnosis of Patient Zero is Flawed

According to a TIME 24/7 article this morning, “Someone who took out a subprime loan in 2003 is the “patient zero” who began the great recession.” A single borrower set off the series of events that may lead the economy into its greatest downturn since The Great Depression? Blaming the financial meltdown on one borrower …

Subprime and college educations – an analogy worthy of investigation

As we finish the last day of 2008 the reality of the matter is that 18 months have passed since red lights came on and warning sirens sounded in the summer of 2007. Letting the air out of the mortgage bubble, and subsequently starting the collapse of Wall Street, the summer of 2007 was only …

Job losses shock some as others estimate real unemployment near 12 percent

Fed chariman Ben Bernanke still won’t admit that the United States is in a recession. On the other hand More than once in the past, three consecutive months of job losses have marked the start of a recession. “It is our view that we are already in one,” said Drew Matus, a Lehman Brothers economist, …