"The problem with socialism is you eventually run out of other people's money" - Margaret Thatcher
"The curious task of economics is to demonstrate to men how little they really know about what they imagine they can design" - F.A. Hayek
Monday, December 15, 2008
Let's walk through it.....Subprime mess step-by-step. Step I
This nice graph from my friend Bob Carpenter at the Richmond Fed shows visually what mortgage securitization was essentially about.
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