[IP] Re: good question Credit Default Swaps

[David Farber <dave@farber.net>]

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From: Tony Lauck [tlauck@madriver.com]
Sent: Friday, April 04, 2008 2:15 PM
To: David Farber
Subject: Re: [IP] Re:   good question Credit Default Swaps

The classic economic monetarist scenario concerns the failure of
Commercial Banks, not Investment Banks.

Note that other schools of the dismal science have different
explanations. For example, the Austrians believe that the root cause of
the depression was the actions of the Federal Reserve, resulting in a
sustained boom and an inevitable crash -- a crash that was catastrophic,
unlike the earlier panics that had been small and brief.

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