Category: Mortgage Crisis

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// Read Andrew Redleaf’s Profile in The New York Times:Â
“’Sometime in the next 12 to 18 months, there is going to be a panic in credit markets,’ Andy Redleaf, a 50-year-old hedge fund manager, wrote to investors in December [2006]. ‘The driver in the credit market panic of 2007 or 2008 will be a sudden…loss [...]

// a href=”http://www.cnbc.com/id/34921639″ target=”_blank”>Stiglitz Says U.S. Has Abolished Capitalism
Parts of this are ho-hum, but Stiglitz gets closer to a core theme of Panic (and thus absolute truth) than any significant public figure we can think of. We argue in the book that the essence of the crisis was replacing strong owners positioned to make strong, [...]