At the Jackson Hole conference, Paul McCulley of PIMCO, the world’s largest bond fund, argued that in the past month or two we have been witnessing a run on what he calls the “shadow banking system,” which consists of all the levered investment conduits, vehicles and structures that have sprung up along with the housing boom.
El razonamiento decía que todo estaría bien, como con los compradores de viviendas, en base a la premisa de que los precios de las viviendas seguirían subiendo a un ritmo saludable.