2012-04-01econintersect.com

...the Fed and Wall Street refused to understand the explosion of credit and credit derivatives were behaving like money and inflating house prices. This should have been understood. It was the ability to buy (sort of) a house without showing up with one penny at the closing that gave Sisyphus his third and fourth wind.

Bernanke has shown no understanding of either the quantity or the quality of credit. Yet, he is 100% sure of his infallibility.


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