On Wall St. as on Main St., a Problem of Denial
Because after you get past the mind-numbing complexity of the derivatives that are at the heart of the current crisis, what's going on is something we are all familiar with: denial.
Indeed, it is not all that different from what is going on in neighborhoods all over the country. Just as homeowners took out big loans and stretched themselves on the assumption that their chief asset -- their home -- could only go up, so did Wall Street firms borrow ...
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