John Silvia – “Subprime Credit: The Evolution of a Market”
America’s latest credit cycle, subprime mortgage lending, is not, contrary to popular commentary, a unique experience.
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Paul McCulley – “The Paradox of Deleveraging”
Conventional wisdom holds that when an economy faces a paradox of private thrift, it is appropriate for the sovereign to go the other way, borrowing money to spend directly or to cut taxes, taking up the aggregate demand slack.
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