Paul Krugman

@paulkrugman ↗

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Last Checked Oct. 27, 2022

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Mon Oct 10 13:44:06 +0000 2022

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Paul Krugman @paulkrugman

So, for example, a lot of what used to go through regulated banks went instead through repo — overnight lending using stuff like mortgage-backed securities as collateral. All of which suddenly collapsed; all of us were wandering around muttering "Diamond-Dybvig" 12/ https://t.co/sKQ2TaS8AJ — PolitiTweet.org

Posted Oct. 10, 2022

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Paul Krugman @paulkrugman

Bypassing conventional banks also meant bypassing regulation, allowing slightly higher yields — but without a safety net. People (who no longer remembered old financial crises) didn't care, until suddenly they did 11/ — PolitiTweet.org

Posted Oct. 10, 2022

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Paul Krugman @paulkrugman

And at a sort of metaphysical level, once you read D-D you understood the possibility of various kinds of self-fulfilling financial panics, like the euro crisis of 2011-12 or the recent crisis in British gilts 13/ — PolitiTweet.org

Posted Oct. 10, 2022