Yes, I have another book. In False Profits: Recovering from the Bubble Economy, I try to correct all the ignorant experts (redundant?) who could not see the housing bubble before it burst and still cannot understand it even after the fact. It was amazing to me that so many economists, all of whom presumably learned arithmetic somewhere in their training, could not recognize an $8 trillion housing bubble as it was growing.

It is even more remarkable, that they still can’t seem to understand what happened after it burst. We have people running around all over DC trying to figure out what was wrong with the burglar alarm after their house burnt down. We will not set the economy right until we understand why it fell off the track. At this point, that process is not going very well.

–Dean Baker

Dean Baker is senior economist at the Center for Economic and Policy Research in Washington, D.C. He is the author of several books, including Rigged: How Globalization and the Rules of the Modern Economy Were Structured to Make the Rich Richer. Read more about Dean.