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The housing bubble and the housing ATM were built on fantasy. They were driven by Wall Street's ability to take any and all mortgages, package them up and turn them essentially into high-grade securities.
It was like the medieval notion of spinning straw into gold: Wall Street alchemists wanted volume, and they got it -- assembling trillions of dollars' worth of mortgage paper that probably should never have been created, certainly not under the terms as structured.
One day when we look back on this period, I believe we'll shake our heads and say it was all so obvious. Then we'll ask: What was the stock market "thinking" when it viewed itself as an entity that reality couldn't touch?
>Time to hire the ..... Zeit neue Geldquellen zu erschließen... :-)
Thanks to Randy Glasbergen http://www.glasbergen.com/ !!