Obama’s New Economic Advisor Defended Subprime Lending
(Time) — It has become taboo to defend anything having to do with subprime lending. Why would you? It’s clear now that banks and mortgage brokers handed out expensive loans to many people who had little ability to make the payments. It’s also clear that the result was not benign. The result was a terrible financial crisis that ended up hurting not just the people who couldn’t make their loans payments, but everyone in the entire world. Some people saw the subprime problem coming.
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