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The Mortgage Mess

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Most of the bright folk here understand what happened, but are often asked by friends, "Wut happened?"

Here is an EXCELLENT slideshow demonstrating "Wut happened." The next time a friend asks THAT question, simply email them this. Some tongue-in-cheek humor included. Tell them to click on "Start the Tour."




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There is no means of avoiding the final collapse of a boom brought about by credit expansion. The alternative is only whether the crisis should come sooner as the result of a voluntary abandonment of further credit expansion, or later as a final and total catastrophe of the currency system involved. - Ludwig von Mises

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Very interesting slide show.

I agree with it...the lenders went nuts...after gov prodding of course and seeing all of the UICK MONEY they could make. They never gave a thought about the long term ramifications of what they were doing.

I was in the residential real estate business for a number of years.

I bought older houses...fixed them up and resold them. Quit doing that in the mid 90's.

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