Post-Bubble Facts of Life

Scroll towards the bottom to get to Noland's commentary. A snippet:

Hopefully, thoughtful analysis of today’s messes will alter the conventional doctrine of how best to deal with asset and Credit Bubbles. But it also helps to explain why Washington policymaking these days often appears less than coherent and policymakers less than competent. The harsh Reality is that there is a serious lack of understanding on both sides of the isle (as well as throughout the economic community) as to the forces behind today’s crisis; the nature of the deep structural damage respectively imparted upon our financial and economic systems during the boom; and the desired policy path to foster system adjustment and repair. Twenty “experts” would ensure at least 20 conflicting plans.