Sub-Prime Mortgages: “No money down, No payments for eighteen months.” I’m not making this shit up.

No, you’re not. And “subprime” was just part of the larger crap mortgage universe called “nonprime”.

In a Glass/Steagall world the consequences are a Boom/Bust cycle in the affected Real Estate markets, some institutions and bankers paying a public price (think Savings & Loan scandals of the Eighties), and a pledge from the industry to behave with higher “Standards of Conduct”.

It was going to happen G-S or not. In fact, the mortgage “casino” started around 97–98, and it didn’t get worse just because G-S was repealed.

G-S separated Retail Banking from Insurance, from Investment banking… the walls were removed, and within a decade a modern variant of ’29 occurred.

But see, it all STARTED in 1998. See where housing price inflation started to deviate from its historical slope?

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Data Driven Econophile. Muslim, USA born. Been “woke” 2x: 1st, when I realized the world isn’t fair; 2nd, when I realized the “woke” people are full of shit.

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