Dividing the Tab Prolongs Pain

It has been two years since the flames were first spotted in Greece, yet the blaze still hasn't been put out. Now it has spread to Italy. It's been five years since the U.S. housing bubble burst. Housing remains among the biggest reasons the U.S. economy is doing so poorly. On both continents, there is no longer any doubt about the severity of the threat or the urgent need for better policies. Yet the players seem spectacularly unable to act.

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