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Compartmentalization. Krugman does not discuss the role of total indebtedness in triggering the collapse of '08. The problem STARTED as private debt which has been assumed by the states on the basis of the bogus TBTF arguments. So now we have Too Corrupt to Function or TCTF.

"It is not necessary to have hope in order to persevere."
by ARGeezer (ARGeezer a in a circle eurotrib daught com) on Mon Aug 29th, 2011 at 01:15:21 PM EST
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