Market Roundup
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“Well-contained.”

That’s the phrase government and Federal Reserve officials used to describe the subprime mortgage problems in 2006 and 2007. They said the stress wouldn’t spread to the rest of the mortgage and housing industry, much less the broader economy.

I said the exact opposite at the time. Sure enough, the entire credit and stock market collapsed, while the economy fell into its deepest recession in decades.

To read the rest of my Afternoon Edition, click here ...