The NYT Prints Usual Nonsense About Bubbles

The NYT has apparently assigned Ruchir Sharma the task of writing periodic pieces about the prospect of a crashing bubble giving us another horrible recession. These pieces always show a failure to understand the most basic features of the Great Recession. This fits with the need of elite-types to pretends that the risks of the housing bubble were hard to see, as opposed to requiring a passing glance at quarterly GDP data.

Shamir’s latest tells us that we should be worried because house prices a...