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grim (lemy.lol)
submitted 1 year ago by to c/4chan@lemmy.world
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[–] 39 points 1 year ago (5 children)

I feel like 9/11 was the inflection point. The great recession was just another symptom of the problem. Banks can't get overwhelmed by underwater mortgages if people aren't underwater in the first place.

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  • [–] 26 points 1 year ago (3 children)
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  • [–] 6 points 1 year ago

    You could be right about that. I was going to say that they caused the problem with subprime lending, but I think that subprime lending would probably never have been attractive enough to not laugh the guy out of the room what proposed it if most people weren't already in a bad financial position with low economic mobility.

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