Monday, July 20, 2015

We Need A Crash To Sort The Wheat From The Chaff

The Burning Platform
Link
Submitted by Charles Hugh-Smith of OfTwoMinds blog, Once the phantom collateral vanishes, there’s no foundation to support additional debt and leverage. When a speculator bought a new particle-board-and-paint McMansion in the middle of nowhere in 2007 with nothing down and a $500,000 mortgage, the lender and the buyer both considered the house as $500,000 of […]

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