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It doesn't make their findings nonsensical because it isn't a condemnation of the paper's gestalt.

I've got This Time It's Different on my bookshelf. I haven't cracked it open yet. Mauldin leans on it heavily, and he's been pretty accurate so far. My bias comes from the number of sources that lean on R&R and the fact that the new paper's findings were presented as an ambush. That said, this looks like much ado about nothing to me, probably because of my current reading.