As you consider stories like this one from today's NYT on the growing fears of the potential economic problems caused by a credit crunch, keep this post and this graph in mind.
On that graph we are currently at the beginning of month seven. As bad as things have been, it is months 8-14 that will be very, very bad, particularly for the subprime market. Everyone acts like this was unforeseeable. It wasn't, of course, but that won't stop the NYT from framing it that way.
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