Quote:
Originally Posted by Angrist
Ah, it's the plan to get the housing market back up again? Or something to do with that.
That's a lot of money.
For a while I thought it was about the money that the USA owes to (3rd world?) countries.
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1) The third world owes the US money, not the other way around. We owe China a ton of cash.
2) Everything is connected. If the housing market was isolated, this severe recession likely would not have been as bad. Instead, mortgages were essentially sold as stocks, and when the mortgages proved to be bad, the effect was systemic to the economy as markets plummeted and insurers could not afford to pay their commitments to the financial institutions as they all went belly up at the same time.