Ravens safety Ed Reed (right) returns an interception 64 yards for a touchdown in the second quarter. “Here we come,” said Reed, who accounted for two of the Ravens’ five takeaways. “Here come the Ravens. The team you don’t want to see.” (Baltimore Sun photo by Gene Sweeney Jr. / January 4, 2009)
From Ravens pick off playoff win.
There has long been a marked distinction between economists who study finance and economists who study the broader economy, with limited communication between the groups. As a young Harvard University economist, Mr. Summers argued this was a dangerous shortcoming in a now famous screed, where he unfavorably compared finance specialists to “ketchup economists” who are too narrowly focused on their field of study, while also complaining about general economists tendency to continually rediscover conclusions that the finance specialists had come to long ago.
Finally, many academic economists privately worried that a housing bubble was building, and that it’s bursting would cause severe problems, but didn’t publicize their concerns. An exception is New York University’s Nouriel Roubini, who in 2006 said that the U.S. was almost certainly heading into a recession. Mr. Roubini is often characterized as a grand stander, but Mr. Rajan says that he deserves credit for acting on his convictions.
Read the complete post at the WSJ – highly recommended.