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<oembed><version>1.0</version><provider_name>naked capitalism</provider_name><provider_url>https://www.nakedcapitalism.com</provider_url><author_name>Yves Smith</author_name><author_url>https://www.nakedcapitalism.com/author/yves-smith</author_url><title>Are All Losses Created Equal? | naked capitalism</title><type>rich</type><width>600</width><height>338</height><html>&lt;blockquote class="wp-embedded-content" data-secret="MWRPw6qebL"&gt;&lt;a href="https://www.nakedcapitalism.com/2009/05/are-all-losses-created-equal.html"&gt;Are All Losses Created Equal?&lt;/a&gt;&lt;/blockquote&gt;&lt;iframe sandbox="allow-scripts" security="restricted" src="https://www.nakedcapitalism.com/2009/05/are-all-losses-created-equal.html/embed#?secret=MWRPw6qebL" width="600" height="338" title="&#x201C;Are All Losses Created Equal?&#x201D; &#x2014; naked capitalism" data-secret="MWRPw6qebL" frameborder="0" marginwidth="0" marginheight="0" scrolling="no" class="wp-embedded-content"&gt;&lt;/iframe&gt;&lt;script type="text/javascript"&gt;
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</html><description>Benjamin Friedman, in a review of George Akerlof and Robert Shiller&#x2019;s Animal Spirits, makes an interesting observation: As in past financial declines, what is sorely missing in this discussion is attention to what function the financial system is supposed to perform in the economy and how well it has been doing it. Today attention is [&hellip;]</description></oembed>

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