The subprime story: the right policy questions
Amidst the welter of stories regarding the subprime loan shakeout — sad tales of first-time homeowners facing financial ruin, tut-tut post-mortems of defunct lenders, who’s-to-blame fulminations by officials and editorialists — lost is the unvoiced yet essential question, first posed by Tolstoy: What then shall we do? What is the appropriate policy response?
Brain not required
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