The Rewind: Global Financial Crisis
The Memo by Howard Marks
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When the Music's Playing, You Got to Dance, We're Not Going to Dance
Most of the lending was done by banks and it became clear that the banks were in a feverish state trying to compete with each other. The epicenter of all of this of course was real estate. As the year wore on, you started to see these kind of little embers in the air that indicated something bad was happening but you couldn't quite tell where it was coming from.
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