Robert K. Merton listed six possible causes of unanticipated consequences:
1) Ignorance,
2) Error in analysis,
3) Immediate interests,
4) Basic values,
5) Self-defeating prophecy,
6) Relevance
When the tide goes out, you see all the crap left on the beach. The volume of foreclosures will take an extraordinary amount of time to work through - these errors will prolong that period. We are living in a lost decade.
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