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Abstract
The current economic collapse caught most by surprise and unleashed a torrent of simplistic and/or moralistic scapegoating. This article attempts to explain and analyze the frenzy of economically questionable moves by the government. It also explores the underlying processes, structures and motivations endemic to the financial industry that have led to this collapse and to prior (albeit less dramatic) collapses, and proposes a set of sophisticated transparency requirements that would make the system more stable, without taking away its creativity. The focus of the article is in the area of mortgage finance, being the overwhelming trigger for the collapse, but it also leaves the door open to other areas of the industry equally vulnerable to the processes described.
- © 2009 Pageant Media Ltd
Don’t have access? Click here to request a demo
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UK: 0207 139 1600