Prime Angst: The Ricochet Effect

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We’ve been reading woeful articles about the subprime mortgage mess for more than a year now, but it was just the prelude to a much larger global disaster. As New Yorker columnist James Surowiecki put it in April, “The subprime crisis was an earthquake that caused a tsunami: The quake has done plenty of damage on its own, but the tsunami looks set to do even more.”

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