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Posted by Evandro Menezes on June 15, 2009, 4:42 pm
Not even close. So far, only the subprime mortgages have blown up.
Through 2011, AltA, ARM and OptionARM will be reset, triggering blow
ups along the way and decimating bank assets, which are already
illiquid.
It's more than Japan redux, but rather 1929 redux.
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