…purchasing companies] were known as “leveraged-buyout operators.” But LBO became a bad name. … Their new label became “private equity,” a name that turns the facts upside-down: A purchase of…

…back to the present. Nobody did anything about imbalances. The U.S. spent too much–5% or more than we were producing. China exported too much; they sent the money back here….

…and weekends, three weeks to value this stuff, which tells you just how illiquid it was.” By the time they did figure out what most of it was worth, the…