Somewhat shocking, but typical of an academic: listen to Russ Roberts interview Tyler Cowen.
Some other interesting comments: How much of the current credit crunch is due to lack of transparency? And why have mortgage-backed securities stopped trading, rather than trading at a value with the expected number of defaults worked in? These two seemed to assume that mortgage-backed securities aren't trading at that expected value!
Roberts: "I'm not so sure how much of this trouble is due to a lack of transparency. It seems unlikely..."
Wow.
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