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The eco­nom­ic deba­cle seems very sim­ple at one lev­el — but it seems that I am reg­u­lar­ly learn­ing new facts that illus­trate just how com­plex it all was.

David Hen­der­son reviews the new Alan Blind­er book

The review is here, here is one inter­est­ing para­graph: Mr. Blind­er omits a cru­cial fact about Lehman, one that, by itself, explains why the huge drop in val­ue of Lehman’s mort­gage-backed secu­ri­ties le…