What a difference a year makes! The Canso Market Observer of February 2007 was a lonely and outmoded voice of credit caution. We argued that the credit problems brought about by excessive monetary stimulation were being manifested in the institutional absurdity of Collaterized Debt Obligations and other securitized structures. Where Alan Greenspan, financial regulators and market commentators believed that the securitization of financial assets would “smooth” the credit cycle, we felt precisely the opposite:
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Canso February 2008 Market Observer
