Common Sense Not So Common

I took micro and macro economics and that is the extent of my formal economics education. Yet by noticing that mortgage applications for purchase fell off a cliff and that we were in the period after the expiration of the tax credit, I was able to ascertain that the Existing Home Sales numbers would be UGLY. There were no spreadsheets, no formulas and no calculus. PHDs in economics need to attend a course in common sense, especially those working on Wall Street and at an unnamed "independent" government institution.

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