Academic

?WE ARE SO SCREWED.? ?Perhaps more than anything else, failure to recognize the precariousness and ?

By Glenn Reynolds

“WE ARE SO SCREWED.” “Perhaps more than anything else, failure to recognize the precariousness and fickleness of confidence-especially in cases in which large short-term debts need to be rolled over continuously-is the key factor that gives rise to the this-time-is-different syndrome. Highly indebted governments, banks, or corporations can seem to be merrily rolling along for an extended period, when bang!-confidence collapses, lenders disappear, and a crisis hits.”

Full post as published by Instapundit.com on January 31, 2010 (boomark / email).