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Tuesday, March 04, 2008

Free Falling, No Easy Way Out?

El-Arian of PIMCO thinks to prevent a housing price collapse, either overnment must intervene or the mortgage contracts have to be altered. "There is no better alternative", he said in a CNBC interview (watch below). Boy, that's frightening! But I was more frightened by how a capitalist at such high level ditches market-based solutions so easily.