Remember Henry Blodget, one of the Tech bubble Wall Street stock analysts merrily hyping tech stocks into the stratosphere back in 1999-2000? He's now doing rather interesting interviews on current market events. A couple of his recent efforts worth a listen are with Robert Shiller, Yale prof and co-creator with Karl Case of the Case-Shiller housing index.
Can the US Economy be Made Bubble-Proof? ... answer = no
US Housing Price Decline Could be Worse than the Great Depression
Listening to Mr Blodget's perceptive comments reminds me that his defect was not brains but morals. He knew the companies he was hyping were over-valued but hyped them anyway. I have little doubt that today's credit crisis ,whose negative effects will be felt for years by many innocent ordinary people (and many not-so-innocent ordinary people), was aided and abetted by similar people in banking.