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Strategies & Market Trends : The Residential Real Estate Crash Index
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To: Broken_Clock who wrote (166177)11/21/2008 4:31:44 PM
From: Les HRead Replies (1) of 306849
 
I don't think he really warned about them. He encouraged the growth of the non-bank financial system and the contribution of credit derivatives to their rapid growth.

"Let me conclude by reiterating the fundamental view that the wave of innovation underway in credit derivatives offers substantial benefits to both the efficiency and stability of our financial system. The extent of these benefits will depend, in part, on the degree to which market participants can keep up with the pace of change in the market through continued investment in both risk management and in the processing infrastructure. We have been through a period of relatively favorable financial conditions, and the prospect for future stability will depend in part on the degree of care and conservatism market participants bring today to judgments about opportunity and risk management."

ny.frb.org
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