What the financial crisis isn’t: Part 3, the way forward
[Continued from yesterday’s Part 2 and the previous Part 1.]
So far we’ve seen that almost everybody is wrong about what the financial crisis is …
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 […]
