In The Times of London, Lawrence B. Lindsey says the economic crisis will not result in Depression-era hardship.
“Even the smartest people make mistakes. Sir Isaac Newton lost money in the South Sea Bubble. He not only figured out gravity, but was Master of the Mint, as close to being a central-bank governor as one could be back then. Recognising the developing bubble, he sold his position. Then, when prices continued to rise, he felt that he might have been mistaken and bought back in just before the top, losing a small fortune.
With roughly three and a half centuries of experience with financial bubbles that burst, we can make some reasonable judgments on how this one will end and what the world will look like afterwards.”