Now isn’t this interesting:
The 2013 Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel was awarded jointly to Eugene F. Fama, Lars Peter Hansen and Robert J. Shiller “for their empirical analysis of asset prices”.
This is something of a blow for the lefties. 5 years after the crash we’ve got the Nobel going to the efficient market hypothesis. More, Shiller is certain that the housing crash was caused by not enough speculation, not too much.
If there had been a futures market in housing, the ability to sell short, then the bubble would never have grown so big.
It really is a big fuck you all to all those complaining that finance caused the current problems.