Fed Bailout

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Executive Summary

The current turmoil in the U.S. financial markets is on everyone's minds - including those at the Kellogg School of Management. McDonald explained how the crisis developed, illustrating his examples with detailed empirical data. The signs of the impending collapse in the housing market were clear as early as June 2006, he said, when the housing futures market suggested a coming 10 percent decline in housing values. Even so, subprime mortgage loan originations continued apace, peaking in July 2006.

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