Will Our Economy Be the Same in a Few Months?

  The economic downturn and Great Recession suffered a major blow to economics which lingers ten years down the road. The discipline of economics has been far from immune from the turmoil. Let's start with the recession, it is widely known that economists were at least partially at fault in what happened to our economy. They knew that the housing market would collapse, they saw that the global banking system was in trouble and that they did nothing about it. What do we know about how economics affected the housing market? It was predicted that the housing industry would not recover. Instead, it is now a housing bubble that is imploding. That's right; it is a housing bubble, just like in the housing market in California. What we are dealing with here is an economics lesson and one that will never be the same again. If the economists had recognized that the housing market would not be able to recover then they might have taken measures to prevent the recession. By seeing th