Financial Alchemy Conjured Credit Crunch
Editor's Note: This article is a collaboration between Bennet Sedacca and Professor Rob Roy. It first appeared on Minyanville on February 8 2008 and in light of recent events has been republished for the benefit of the Minyanville community.Over the past several years my firm has highlighted the risks in the sub-prime sector lax lending standards and the housing bubble that peaked in 2005. The residual effects of these have been vast and continue to support my view that debt unraveling is not yet contained.Housing is clearly in a near-death spiral with inventories rising on months of available supply basis despite ...
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