Sorting out the details of the response will be messy but the principles are now clear and policy is forming around them. First, address illiquidity in the market for mortgage-backed securities. Second, inject public capital on a huge scale, drawing in new private capital at the same time. Third, revive the inter-bank market with temporary guarantees. Fourth, especially in the US, step up efforts to slow mortgage foreclosures, to relieve the distress and stop house prices undershooting.
Monday assorted links
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1. Wikipedia page for Camille du Gast. 2. Data on fair thinking? 3. Some
1904 fertility debates. 4. Roger Norrington, RIP. 5. How safe are bicycles?
6. N...
1 hour ago
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