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.
Thoreau and the Eco-Puritans of Concord
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While Thoreau was by no means a Puritan, I think that similarities
regarding the human occupation and the goodness of creation are evident in
both.
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