The law of unintended consequences is right up there with the diktat of sod and gravity as among the ineluctable forces of the universe. The credit crunch and attendant economic crisis have wrought chaos. Some of this has been completely predictable. Did anyone really believe that house prices could only ever rise, credit was a limitless free good or that CDO-squared was an important financial innovation?
However, some of the collateral damage has been inflicted in surprising places.
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