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Of Sausages, Laws and Bureaucratic Inefficiency
Peter Hannaford, Sacramento Union Columnist
Published: May 8, 2008 19:05
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Excerpt: {magazine_leadin}{magazine_body}“If you like laws or sausages, you shouldn’t watch either one being made.” So said Otto von Bismarck the “Iron Chancellor” who knit several princely states into what is now Germany in the 1880s. One particular financial “sausage” was so poorly made that it has contributed mightily to the recession or near-recession in which we now find ourselves. Its name is “securitization.” Until recently, any loan you sought from a bank, such as for home, auto or business, very likely would have been ground…
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