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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory
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To: GST who wrote (91821)3/4/2008 11:00:31 AM
From: Tommaso  Read Replies (1) of 110194
 
>>>but don't kid yourself that your house is anything more than an expensive place to sleep.<<<

I think something like 40% of U. S. citizens live in mortgage-free housing, probably comparable to the most prosperous countries in the past. Just a supposition on my part. What's going to vanish is the illusion of universal wealth.

Since most of those who got into these deceitful arrangements in the past few years never had much in the way of assets to start with, they cannot be big losers. Those on whom the mortgages were offloaded have a reasonable case that they were defrauded about the quality of the assets they were buying. That leaves all the banks, etc, that processed these things responsible. We'll see what happens to them.
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