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Introduction Today's Outside the Box will feature one of the better pieces written in the last few years by my good friend Paul McCulley. In his article "The Plankton Theory Meets Minsky," Paul shows the importance of why the problem with sub-prime mortgages will affect the entire housing...
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Introduction I touched briefly on the subject of housing in my Friday letter, "Thoughts from the Frontline" (you can view it here ). Data from across the country points to a number of trends including declines in both new construction and existing home sales. Market "experts" are...