Ok I forgot then I got super busy, in cycles! But here I am with insomnia. (i) It's really hard to get into counterfactuals like this. Possibly the financial crisis, in its precise form, would have been averted or attenuated. On the other hand, to the extent that . . .
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. . . the recession was a result of incorrect beliefs about the housing market, derivatives may not have made much of a difference. I could tell stories in either direction, and as far as I know the postmortem hasn't really settled on any of them. This is a common problem . . .
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