Subprime Society

Forgive me for flagging this lede from a Turkish Daily News rundown of global markets’ response to the massive, coordinated bailout plans: Hundreds of billions of dollars of taxpayer money flooding into the veins of the global financial system prove insufficient, as global markets continue their decline. Stock markets, including the Istanbul Stock Exchange, are hit hard, as the evaporation of worldwide equity value reaches $25 trillion. Depressing, I know, but it’s that last part that caught my eye. When people talk about value evaporating, they have a tendency to confuse theoretical value with real value. But a decline in […]

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