Economist Says Fixing Finance System Is Key To Ending Recession
Big Think recently approached five leading economists for their best predictions on when we will be out of the mess known as our national economy.
Watch for their commentary in the Big Think blog in the coming days. And after you listen to their ideas, you can let the countdown begin.
Today's prediction is from Professor Donald Nichols of the University of Wisconsin at Madison. Nichols is Professor Emeritus of Public Affairs and Economics with a specialty in macroeconomic theory and policy. His federal service includes a posting on the Council of Economic Advisors, the U.S. Senate Budget Committee and the U.S. Department of Labor. He holds his doctorate in economics from Yale University.
So, Professor Nichols, when will the recession end?
"The breaking of three bubbles led to the current recession. The first bubble is that we built too many houses in the 2003-2007 period. The second bubble is that housing became over-priced. And the third bubble is that housing – and other forms of credit – were irresponsibly financed.
Giving our solar system a "slap in the face"
- A stream of galactic debris is hurtling at us, pulling dark matter along with it
- It's traveling so quickly it's been described as a hurricane of dark matter
- Scientists are excited to set their particle detectors at the onslffaught
The climate change we're witnessing is more dramatic than we might think.
A lazy buzz phrase – 'Is this the new normal?' – has been doing the rounds as extreme climate events have been piling up over the past year. To which the riposte should be: it's worse than that – we're on the road to even more frequent, more extreme events than we saw this year.
Once again, our circadian rhythm points the way.
- Seven individuals were locked inside a windowless, internetless room for 37 days.
- While at rest, they burned 130 more calories at 5 p.m. than at 5 a.m.
- Morning time again shown not to be the best time to eat.
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