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Not Regretting the Pound
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Dec 21 2007 12:00am EDT
The Subprime Boom: Was There a Silver Lining?
Paul Krugman, today:
The explosion of “innovative” home lending that took place in the middle years of this decade was an unmitigated disaster...
I use the words “unmitigated disaster” advisedly.
I think that the subprime boom probably still has created more winners than losers, but obviously it's clear now that the economic costs of the bust far outweigh the economic benefits of the boom.
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