It is the hangover from the credit boom that created huge malinvestment in all manner of things... The only reason I can think of that someone would focus on the subprime loans, which are a small part of the problem and were merely the trigger, is to absolve themselves of any responsibility for what is happening. How typical. I am sure they use PCs and are rigid, and I can guess for whom they vote.
http://globaleconomicanalysis.blogspot.com/2008/12/krugman-still-wrong-after-all-these.html
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