Grasping Reality on TypePad, by Brad DeLong

Alex takes the offensive:

Marginal Revolution: The Credit Snobs: I rather like the title "voodoo priest of free market economics," so I am happy to take the blame for the sub-prime mortgage defaults and at the same time stick a few pins in Nouriel Roubini. Roubini and others generating hysteria about defaults in the mortgage market are credit snobs - they think credit is something that only the rich can handle...

If I didn't have other things that I can no longer procrastinate on, I would love to get into this. But alas, I have no time...