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Politics : THE WHITE HOUSE
SPY 694.04+0.7%Jan 9 4:00 PM EST
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To: DuckTapeSunroof who wrote (23305)10/6/2008 1:38:27 PM
From: TimF  Read Replies (1) of 25737
 
They certainly where not the sole cause, and almost certainly the problems would have happened without them, but they made it worse. They made the bubble bigger, both by making the housing market bigger and by moving the market towards people less able to afford a house. They also where at the forefront of the securitization of mortgages, which to a certain extent is probably a good idea (and if it wasn't done we would be having less investment bank failures, but more ordinary bank failures), but went to far, in ways that created risks that many of the players involved didn't understand all that well.
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