Monday, March 23, 2009

Obama needs to read this

No, not my (non-humble) opinions - Paul Krugman's:

[E]arly on in this crisis, it was possible to argue that it was mainly a panic. But at this point, that’s an indefensible position. Banks and other highly leveraged institutions collectively made a huge bet that the normal rules for house prices and sustainable levels of consumer debt no longer applied; they were wrong. Time for a Swedish solution.

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