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Bonus Quotation of the Day…

… is from page 212 of Charles Calomiris’s and Stephen Haber’s important 2014 book, Fragile By Design:

Thus, if there is a lesson in this chapter [on the subprime-mortgage crisis] about politics in democracies like that of the United States, this is it: the power of a political coalition is precisely the power to get a public official to go along with something that he knows is not in the long-run public interest because it is in his own short-term interest.

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