CHART OF THE DAY: Why All The Simple Theories Of The Financial Crisis Are Wrong

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Today the Financial Crisis Inquiry Commission releases its full report on the crisis.

Already the minority GOPers on the panel have come out with their own rebuttal, and the centrepiece is this chart, which shows that the housing bubble in the US was mirrored all around the world.

Thus, any attempt to pin this to The Fed, or Wall Street’s control of Washington, or Fannie and Freddie, fails on the ground of the global nature of the crisis.

chart of the day, house appreciation in selected=

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