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MASKING SAVES LIVES

Tuesday, November 21, 2006

Housing Bubble Smack-Down--Mike Whitney

"Did they [the Federal Reserve] realize that the money was going directly into the real estate market where it was creating an "unsustainable" equity bubble that would eventually crash and destroy the lives' of hundreds of thousands of Americans whose greatest asset is their home?

"Of course, because it's the Federal Reserve which produces all the relevant facts and figures, charts and graphs, about increases (and trends) in the housing market. How could they NOT know?!?

"In other words, they doubled the money supply and then sat back and watched while $4.5 trillion went directly into the real estate market via mortgage loans to people who were "under-qualified".(knowing that these same people would eventually fail to meet their payments and adversely effect the entire market)

"The Federal Reserve knew all of this. In fact, they knew where every dime was going, but decided to persist in their swindle to the bitter end.

From Counterpunch.org


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