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More on the bank plan – Paul Krugman Blog – NYTimes.com
Now, early on in this crisis, it was possible to argue that it was mainly a panic. But at this point, that’s an indefensible position. Banks and other highly leveraged institutions collectively made a huge bet that the normal rules for house prices and sustainable levels of consumer debt no longer applied; they were wrong. Time for a Swedish solution.
via More on the bank plan – Paul Krugman Blog – NYTimes.com.