Bubbles and Bad Fixes

Investment "bubbles" make a lot of people rich. When the bubbles burst a lot of people lose money. Most recently, many of the losers didn't even know they were part of an overinflated bubble. Or more accurately, many people did not realize that one bubble was related to so much else.

Economist Craig Thomas thinks that a true recovery to the system of markets in the U.S. will depend more on a natural balance of the system than incentives created by government fixes.

Thomas was Director of Research for Citi Property Investors, Citigroup's private equity real estate arm. Thomas talks with about how the housing market came to be such a mess, and what he sees as proper maintenance of the "econosphere."

LISTEN: CRAIG THOMAS - THE ECONOSPHERE