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Comment: Re: is anyone really surprised here (Score 1) 198

by JonathanR (#48008225) Attached to: The Secret Goldman Sachs Tapes

Prices are set at the margin, so any new and additional borrowed capital chasing the existing market-share will catalyze a boom in prices.

Where the banks failed is in assessment of borrower's capacity to service. But rising prices combined with the government-sponsored protection that is the mortgage, meant that moral hazard was the order of the day.

The only possible interpretation of any research whatever in the `social sciences' is: some do, some don't. -- Ernest Rutherford

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