...the constitution provides that "Congress shall make no law impairing the obligations of contract."In fact, the Constitution says no such thing. He has thrown together the first five words of the First Amendment and then appended a very loose paraphrasing of Article I, Section 10, which applies only to the states. To make matters worse, apparently nobody at Forbes noticed the error before publishing it. After reading that whopper, I decided I couldn't trust any of the other claims he was making in the article.
With business school professors like this, no wonder Wall Street is in trouble. —And still, business school professors get respect and housing bubble bloggers do not.
Thanks but no thanks to Greg Mankiw for linking to that article.