I agree that there are those who see reason as a trap. For those who do not, and for any who might want to understand what happened (rather than merely looking for scapegoats) over these twelve months or so, the BBC is presenting a thoughtful assessment of the global recession.

In particular, this piece on the downfall of Fannie Mae and Freddie Mac, which almost destroyed the American mortgage market, is a good introduction to one of the financial instruments, securitization, and how these “securities” became “toxic assets.”

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Eudaimonia