On Oct 1, 2008, at 3:34 PM, C. G. Estabrook wrote:
> House Prices Continue to Decline as Talk
> of Credit Crisis Spins Out of Control
> October 1, 2008
> By Dean Baker
>
> "The root cause of the crisis is the deflating housing bubble,
> credit problems are secondary."
"The root cause of the housing bubble is rising prices; the easy credit that financed it was secondary."
That would make about as much sense as this argument.
Doug