What the financial crisis isn’t: Part 2, the blame game
[Continued from yesterday’s Part 1.]
Yesterday we knocked off a handful of things the credit crisis wasn’t:
1. Not an asset bubble … a systematic under-pricing of risk.
2. Not caused by subprime lending … although that was the miner’s canary.
3. Not principally about the GSEs … because other financial institutions are in much worse shape
4. Not just […]
