Jeffrey Frankel, an economist at Harvard, has an excellent weblog. He also has a knack for the one-liners, as evidenced by the fact that Paul Krugman just confessed to borrowing one of his quotes, which then ended up as a quote-of-the-year. And now, to top if off, Frankel has managed to boil the financial crisis down to one slide. Here it is:
if a picture is worth a couple of trillion dollars
Nice touch in the bottom right hand corner. [Thanks for the tip, Noah!].
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one might also remark that the small rectangular box closest to the middle of the slide kind of sums up most people’s take on this…
[...] it must be said, an entertainingly caustic critic of Bush-era fiscal profligacy—Frankel can’t draw for toffee. These guys, on the other hand, [...]
Credit card companies have cut spending limits, issued annual fees and even closed some accounts. But what makes this even more insulting is that many of these customers are ones who use their credit card occasionally and generally pay off the balance in full. i.e the kind of customer that doesn’t really make any profit for the banks!