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  1. Phony Credit

    Quote Originally Posted by Finster View Post
    http://users.zoominternet.net/~fwuth...meEinstein.jpg" HSPACE="4" border="0" align="left">
    Phony Credit

    Our friend Bart here inspired this post with an image from BigPicture comparing the before and after values of subprime slime in expansion versus recession. We see it rise exponentially during the expansion. During the recession, the value equation reduces to zero.

    This is the popular conception. Indeed, the market perception is that debt values undeniably fell. But was the change real or
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