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Originally Posted by tesla69
But they were reselling the original dollar of debt 80 times.
Then this junk was used as collateral for more loans. To buy more junk.
It was a legal Ponzi scheme, so long as the value of housing kept going up, all was ok. But there was too much speculation by fucking flippers, who just walked away once they realized they wouldn't make any money.
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i thought it was 30 times, but yes.
the issue however is not to save the people who walked away, or any of that crap.
the issue is to keep the money flowing through the economy so that it can keep running. if i send my rent check and my bank runs out of money to pay it, i'm in shit. if your employer's bank goes through the same, you're not getting a paycheck on friday. this is serious shit. i'm not offering any solutions, but what i'm saying is that because of the interconnectedness of the economy, well all go down the toilet at the same time.
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Originally Posted by tesla69
The rethuglicans and their fascist lapdogs are trying to make this out to be a 9/11-type crisis so that like the Patriot Act, Congress will bend over and go yes yes yes right now like they did with the Patriot Act!
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yes. very likely. and mcsame claims to be busy "saving the economy".