This is one of the finest explanations I've ever seen of the sub-prime crisis, and of market volatility in general:
This really is excellent. Very highly recommended even if you are not an investor.
(spotted via Calculated Risk)
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by Michael Froomkin
Laurie Silvers & Mitchell Rubenstein Distinguished Professor of Law
University of Miami School of Law
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“unemployed black man siting on a crumbling porch somewhere in Alabama…”
And what’s wrng with this picture?