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
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Long-term causes of the financial crisis? »Long-term causes of the financial crisis?
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Unintended consequences of earlier public policy choices »Unintended consequences of earlier public policy choices
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US spending funded by credit »US spending funded by credit
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Many assets bought with cheap credit weren't worth price paid
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