Volumes of material, ranging in complexity from the breathtakingly complex to the absurdly simplistic, have been written about the “credit crunch,” but no explanation we’ve read matches that of former Treasury Secretary Paul O’Neill:
Q: It’s so hard to understand how the subprime mortgage crisis has triggered a financial crisis of global proportions.
A: If you have 10 bottles of water, and one bottle had poison in it, and you didn’t know which one, you probably wouldn’t drink out of any of the 10 bottles; that’s basically what we’ve got there.
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