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How a Banking Crisis Built an Airplane

All politics may be local, but not all incentives are perverse

One autumn afternoon in 2000, a Zenair CH 601 HDS strained upward from the Morehead-Rowan County Airport near Morehead, Kentucky. My father, the pilot, expressed genuine concern that we might not clear the rapidly-approaching treetops due to my exceptionally heavy bags; several stories in the…