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Friday, September 19, 2008

And the Music Stops


Atrios, as always, puts everything more forcefully and succinctly than I could ever manage to do:
The mystery all along throughout all of this is who would be missing the seat when the music stopped, who would be left holding the bag.

This is not a liquidity crisis. It's an insolvency crisis. People made bad loans, and other people made hugely leveraged bets on those loans, and still more people insured those bets.

And now the taxpayer gets the bill.

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