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| Subprime mortgage financial crisis Posted by Merlin Jetton on 12/13, 9:53am | ||
| The link is not a news story per se, but I put it under News because it is a recurring and ongoing subject in the news. The link gives a pretty decent overview of the topic. You can follow the link to DiLorenzo's "The Government-Created Subprime Mortgage Meltdown" if you want, but be prepared for a huge misattribution. The crisis is the result of several factors in combination -- many mentioned in the article, plus the propensity to borrow-short-lend-long, I suspect accounting, ignorance, imprudence, and last but far from least, panic. Economist Robert Kuttner gets mention. This buffoon's answer for any economic problem is more government regulation, e.g. "subprime lending should have been illegal" and "self-regulating markets are a myth" (on a WSJ Online video "Editing Greenspan's Economy"). | ||
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