Central banks and governments do have to intervene when credit growth and asset prices (particularly in property) start dancing their toxic two-step.

ECONOMIST: Buttonwood

We did, in fact, point out in advance that things were going wrong in the region, particularly with property booms and fragile banks.

ECONOMIST: GOOFS: We woz wrong | The

Also on June 9th, the Congressional Oversight Panel published a report that questioned the stress tests' reliance on banks' own data and their failure to capture the full risks in asset classes, particularly commercial property, that are only now going bad.

ECONOMIST: Repaying TARP money