The American people, including banks, Congress, the administration, Freddie Mac and Fannie Mae, the media—they all subscribed to the idea that residential housing could not collapse.… It was a collective delusion, that once adopted, spread through all kinds of institutions and instruments of finance so that the interdependence of these items, once the delusion became exposed, once it became apparent that the emperor had no clothes, swept through the economy with the impact and the speed of a tsunami.
The 2008 financial crisis
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