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So, this is it. The financial system has crashed. Now we're finally seeing the Republican's cherished "trickle down" theories begin to work - and with a vengeance- as the damage spreads into the real economy. The basic mechanism for this is the contraction of credit, which is cutting off funds for real economic activity. Goldman Sachs and others estimate that the financial crash has contracted lending by about $2 trillion--and our economy is $15 trillion in GDP. Banks and other institutions are simply unwilling to lend. Here's the results we know of so far:
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