The opportunity costs of blogging are extremely high at the moment. This explains my absence in the last couple of weeks. The good news is that a much more able economists has returned to the blogosphere after endless months of absence:
Scott Sumner provides a very suggestive summary of his viewpoint on the GFC. As regular readers of 'the coffeehouse' know, I usually share his theory-based perspective. This time is not different. I especially like this: "The hero is the EMH [...]." I could not agree more.