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Article: Subprime mortgage crisis is one heck of a mess.(EDITOR'S NOTEBOOK)(management of subprime crises)(Editorial)
- Article from:
- San Diego Business Journal
- Article date:
- December 10, 2007
- Author:
CopyrightCOPYRIGHT 2007 CBJ, L.P. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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"This is a fine mess you've got us in, Stanley," Oliver Hardy always said to Stan Laurel when one of their schemes went bad in their old 1930s comedy film shorts.
Well, needless to say, this is a fine mess we've got ourselves in.
The subprime mortgage mess just keeps on getting bigger and bigger, and none of the experts has answers, except for the Federal Reserve Bank, which has been forced to pump money into the economy by lowering interest rates.
The quickest way to deal with this mess is to let the big boys, in this case, Wall Street's well-heeled investment houses and the nation's mortgage lenders, absorb the losses and move on.
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