"The critical issue on the whole subprime, and by extension, the international financial system rests very narrowly on getting rid of probably 200,000-300,000 excess units in inventory"
This was said this morning in a conference with Japanese business leaders. He's referring to housing units here. I've always thought I had a very silly, simplistic view of the global financial system, but does anyone else think this is being overly foolish.
If you will, let's examine some of my odd reactions to what he put forth.
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