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We saw a collapse in real estate prices after 1990
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and a recession in 1991,
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so it was the big story of the 1980s.
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I'm just going to mention some other stories
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that are important,
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just to illustrate the fragility of the banking system.
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The Mexican Crisis under President Salinas.
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What happened was, Salinas was a Harvard-educated economist;
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he came in to modernize Mexico
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and he wanted to privatize things,
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so he privatized a lot of the banks.
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Then the banks went on a lending spree in Mexico