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Sardines and candy - one man's allegory of the market collapse
» Posted by Martin Weil on December 21, 2009
This amusing Op-Ed in the NYT by Joshuah Bearman tells the story of his grammar school days and his unwitting creation of a futures market for sweets that got out of hand. In addition to being a good story, it is an excellent parable on the mortgage/CDS market and illustrates why this latter market was bound to fail. (Thanks to Marilyn for the pointer.)
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