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It's interesting that he points to population growth but doesn't mention the dirty secret:

If the US has more population growth, that means it needs more GDP growth to sustain the same standard of living. (Krugman commented on this recently, but I can't find it right now.)

If you include UK banks and UBS (Swiss) then the European banks did get some serious toxicity.

[Of course all the usual caveats about GDP growth and hedonic indexing still apply.]

by Metatone (metatone [a|t] gmail (dot) com) on Tue Aug 26th, 2008 at 02:22:33 PM EST
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