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How Did It Get This Bad?

“When Bear Stearns stepped in with a $3 billion bailout of its own troubled mortgage-investing hedge funds, the immediate crisis was averted for the rest of the market. But the old truism remains: Pay now or pay later. Having opted not to “pay now,” the financial markets will “pay later.” The pain is only beginning, and the fallout from the bursting of the housing bubble will be the defining economic event of our time. “

Continue reading this concise overview of the problem on The Prudent Bear…

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