Friday links don’t work like they’re meant to
Financial Crisis Containment: An important paper from Anna Gelpern. In a crisis, governments panic — this is called “crisis containment”, if you’re being polite. It’s inevitable. And surprisingly predictable, too.
Climate Impacts of Waxman-Markey: Might be pretty small, even if it works and even if the rest of the developed world signs up too.
60% Of Subprime Defaults Started As Prime Mortgages: “It wasn’t just some bad lending that broke the system. It was widespread financial distress. We were much poorer than we thought, and we’re even poorer now.”