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 In fact, the mortgage “casino” started around 97–98, and it didn’t get worse just because G-S was repealed.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

Free markets, free minds. Question all narratives. If you think one political party is right and the other party is evil, the problem with our politics is you.

Free markets, free minds. Question all narratives. If you think one political party is right and the other party is evil, the problem with our politics is you.