History

"They Shall Not Grow Old a box office blowout – for good reason"

My family and I saw this movie recently. One the one hand the subject matter is somewhere between profoundly discouraging and horrific. On the other hand it's like nothing I've seen before and I'll probably not ever see anything like it again and it is extremely well made, even beautiful in spots. I read that it was released too late for this year's Oscars, but I think it would be a big upset if it didn't win next year.

Two more reviews: "They Shall Not Grow Old Is the Movie of the Year" and "They Shall Not Grow Old (3D)". 

Related: "Why in WW1 did soldiers both British and German run straight to enemy held positions and get mowed down in their thousands?"


"Kotlikoff on the Big Con"

John Cochrane summarizes, and largely agrees with, a recent paper by Larry Kotlikoff ont the cause of the Great Recession.

In my view, the understanding that the crisis was a run, that without a run there would have been no crisis, somewhat like the 2000 tech stock bust, and that lots and lots more capital is the only real answer, has emerged slowly over the last 10 years. Larry's essay is good for putting all the others to rest.

Link via Arnold Kling.

UPDATE: In a short piece Kotlikoff makes his case. But he refers to "leverage and opacity" as the cause and misses a better phrase. A commentator I read once stated that almost all financial crises are the result of "leverage and lies".