Dec 3, 2007

David Calderwood: Days of securitization alchemy are over

Conditions that occurred the past five years were both unprecedented and extremely unlikely to repeat. The ability to repackage weak debt and get it rated AAA is gone, not to return until after those with burned fingers today are retired or dead.

~ David Calderwood, "What Gives?," LewRockwell.com, December 1, 2007

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