Many assets bought with cheap credit weren't worth price paid
Fuelled by cheap credit, the prices that people were prepared to pay to own assets become divorced from their real intrinsic value.
Immediately related elementsHow this works
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The Global Financial Crisis »The Global Financial Crisis
Long-term causes of the financial crisis? »Long-term causes of the financial crisis?
Unintended consequences of earlier public policy choices »Unintended consequences of earlier public policy choices
US spending funded by credit »US spending funded by credit
Many assets bought with cheap credit weren't worth price paid
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