What the media reported, that's just the first phase.
This is the second: all the devalued homes the banks will be stuck with in a depressed market.
Third phase is when the reality of all the lending that has been based on unknown and/or worthless collateral. Big Finance has no idea what they're owed or what their loans are really worth (just that it's less than they wanted to believe).
It's not 1929 again but it is the late 20s, and the GOP is running Hoover again....
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