Explaining the Housing Bubble to Robert Samuelson

Almost no one who wrote about the economy for a major news outlet was able to recognize the $8 trillion housing bubble that was driving the economy before it burst. Because people who write about the economy are not held responsible for the quality of their work, none of the people who missed this huge bubble were held accountable for this failure. Remarkably, many of them even now do not understand the bubble.

Robert Samuelson, the economic columnist for the Washington Post, is among this...