Saturday, December 9, 2023

Does anyone else have that 2008 feeling?

You would think following the implosion of the financial sector in the late 2000s, that the lessons of sub-prime lending by banks would have left a great enough imprint to halt such practices. Banks offered mortgages to unqualified customers and bundled those mortgages for sale as collateralized debt obligations, or CDOs. As we know, that blew up in their faces. Yet it is still happening, according to Frank Partnoy in The Atlantic. Partnoy, who worked in the financial sector, writes that this time around the loans are being made to financially strapped businesses. It could blow up again.


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