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Posted by: Michael Mandel on October 01
Paulson and Bernanke misdiagnosised the root of the current crisis. They identified the problem as the housing market, and nationalized Fannie and Freddie. But all they accomplished was establishing housing as the preferred, government-guaranteed choice for investment. So now homebuyers can still get mortgages, but businesses are having trouble getting credit.
I would rather it be the other way around.
Michael Mandel, BW's award-winning chief economist, provides his unique perspective on the hot economic issues of the day. From globalization to the future of work to the ups and downs of the financial markets, Mandel-named 2006 economic journalist of the year by the World Leadership Forum-offers cutting edge analysis and commentary.