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Published online by Cambridge University Press: 07 October 2021
There can be few fields of human endeavor in which history counts for so little as in the world of finance.
The financial crisis of 2008 was initially seen by journalists, popular writers, the media, and some economists as the result of a housing bubble and subprime lending, funded by ill-structured private residential mortgage-backed securities (RMBS) that were exploitive of low-income mortgage borrowers.
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