Crisis: when the bubble is the asset
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Many bright commentators gnash their teeth about the threat of asset bubbles. We see the risk elsewhere.
- Asset bubbles. It will not have escaped you, the reader, that this term has gained currency in the press. Indeed, Dr. Yellen just addressed this hot topic at Jackson Hole.
- Where the bubble is the asset. Without wishing to be clever, we think that the real danger lies not so much in an over-valued assets, but in repackaged tranches of collateralized debt / loan obligations, student as well as car loans.
- Thank you, Kaiser Trump. This is precisely where Kaiser Trump is creating the bubble - by unwinding all of those regulations put in place after our 2007/8 bubble. You know the rest of the story.
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