As Friday winds up and the debt crisis plaguing the globe continues to beleaguer a world wary economy, we’re left feeling as though Bob Schiller’s article entitled Debt and Delusion provides the most succinct lesson for the week:
“Economists who adhere to rational-expectations models of the world will never admit it, but a lot of what happens in markets is driven by pure stupidity – or, rather, inattention, misinformation about fundamentals, and an exaggerated focus on currently circulating stories.”
While you ruminate on that, here are some great weekend reads for your enjoyment:
- “We’re seriously talking about defaulting on our debt and cutting social programs so Google can keep paying a 2% tax rate” (Rolling Stone)
- For anyone who will be looking to buy and sell real estate at any time in the next 5 years (Zerohedge)
- CALPERS says 80% of its returns come from 55 of the 500 funds in which it invests under its alternative investment management program. (FinAlternatives)
- Who is watching the banks? (Fiscal Times)
And just for fun…
- Parody Becomes Realism (The Onion)