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Politics : Formerly About Advanced Micro Devices -- Ignore unavailable to you. Want to Upgrade?

To: TigerPaw who wrote (422125)	10/3/2008 5:39:47 PM
From: TimF	Read Replies (1) \| Respond to of 1572025

Mortgages 1 - Where on very illiquid investments. Illiquid compared to most other investments even in the boom times. 2 - Where pushed by government, VERY strongly. Government deduction of the interest cost to buy them, government created corporations with a charter to help create a market in mortgages, exemption for capital gains taxes narrowly targeted at home ownership etc. 3 - Funded the only type of investment where ordinary people in very large numbers thought that making highly leveraged investments requiring borrowing several or even many times your annual income we nearly completely safe. Which wouldn't have been a problem if this belief was accurate but it wasn't. No other investment vehicle had all of these characteristics.