On 2012-02-25 5:50 PM, Randall Webmail wrote:
> I really shouldn't continue this OT thread any longer, but
> I'll note that all financial panics have a common theme: Some people
> get rich selling snake oil to latecomers jumping on the bandwagon.
On the contrary: Almost all financial panics result from
maturity transformation. Thus, as the recent financial panic
approached, the Singaporean authorities demanded that all
Singaporean financial institutions report their maturity
mismatch.
Although the ultimate cause of the recent crisis was lending million
dollar mortgages to illegal immigrants with no job, no money, and no
credit history, its 2007 manifestation was run on the repo market, which
is a classic case of maturity mismatch.
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