Articles like these are eye-openers (but only partially):
http://www.nytimes.com/2008/07/14/washington/14guarantee.html?hp=&pagewanted=all
http://money.cnn.com/2008/07/11/news/economy/fannie_freddie.fortune/index.htm
If large banks and the government cannot fully fathom the complexities of the banking internals and its impact on the economy, how are common folk supposed to understand what is going on ?
I’ve been trying to read as much as I can about economics, banking, etc. But it always seems fuzzy. Can someone point out a contemporary book like Adam Smith’s “Wealth of Nations” ? Or perhaps a simple Economics 101 book written for everyone.
And if we can’t explain our economic model in a single book, have gotten too complex for ourselves ?
As my favourite comment goes, “Simplicity is the result of profound thought”.
