Has the crest of the wave hit the beach? If moribund subprime loans were hairballs, could we say that the economy has coughed most of them up?
Whatever unlovely analogy you might care to use, this subject may be a drag on the economy for quite a while. Try Richard Benson’s Titanic-and iceberg analogy.
Jack Guttentag uses an optometric analogy (disaster myopia).
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