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Politics : View from the Center and Left
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To: TimF who wrote (103673)2/9/2009 9:31:01 PM
From: Sam   of 542024
 
Tim, back in October-November, as Slacker said, no one was sure what the financial liabilities of big or even medium sized banks were, and how those liabilities were reserved. There was definitely a crisis of confidence. There was definitely a severe credit contraction. Whether one would call that contraction a "freeze" or not, I won't quibble--as you wrote, it is impossible to "prove" one way or another.

But it was a very large mess, and could become a similar mess in the future.
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