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.
I’m writing to you today with a sense of urgency that I haven’t felt since I began my journalism career. As executive editor of The American Prospect, I’ve witnessed firsthand how independent journalism serves as a crucial bulwark against the erosion of our democratic institutions. Today, that role is more vital than ever. Can you step up today and show your support?
The winds of authoritarianism are blowing stronger. We’re seeing alarming signs of a coordinated effort to silence critical voices and undermine the very foundations that support progressive causes. As Bob Kuttner presciently wrote in our August 2024 issue, a weaponized IRS could attack the very foundations of the progressive movement. We need readers to step up and help us dig in for the long haul.
We’re falling behind in our spring fundraising campaign, and with so much at stake we can’t afford to come up short. If you value fearless, independent journalism that holds the powerful accountable and defends democracy, now is the time to step up. The American Prospect depends on reader support to stay in the fight. Pitch in today and help us close the gap. Please consider making a donation today.
–David Dayen, Executive Editor
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