Quote of the Day | 0305
In the years after 1980, and even more so, the years after 2000, the foundations for crisis were laid. The banking system became, de facto, largely unregulated and unsecured. Leverage rose, both fueling and fueled by housing bubbles (and, in Europe, the false confidence fostered by the creation of the euro). The conditions for disaster became ever better; and the disaster came.
Now what? The answer should have been simple, and backed by an overwhelming consensus.
Paul Krugman, ‘Economics in the Crisis’
[x]#9885 fan maandag 5 maart 2012 @ 16:10:17
