<div style="margin: 12px 0px; font-family: arial; color: #333333; background: #ffffff; border: solid 4px #e5e5e5; width: 100%; clear: left;"><div class="CM_CTB_Content_Wrap" style="margin: 0px; padding: 0px;background-color: #ffffff;"><div style="border-bottom: solid 1px #dcdcdc; white-space: nowrap; margin-bottom: 8px; background-color: #eeeeee ;background-image: url(http://clipmarks.com/images/source-bg.gif); background-repeat: repeat-x; height: 24px; line-height: 24px; vertical-align: middle; padding-bottom: 4px; color: #666666; font-size: 10px;" ><a href="http://clipmarks.com/clip-to-blog/" title="see clips that are hot right now"><img src="http://content.clipmarks.com/blog_embed/c5c4b6b6-5f50-43b5-ae50-be040756c82b/0946C284-4096-4776-9ABE-D9B2810F9307/" alt="" width="19" height="19" border="0" style="vertical-align: middle; margin: 0px 4px; display: inline; border: none; float:none;" /></a>clipped from <a title="http://www.whofailedtoday.com/forum/viewtopic.php?id=69936&p=2" href="http://www.whofailedtoday.com/forum/viewtopic.php?id=69936&p=2" style="font-size: 11px;">www.whofailedtoday.com</a></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.whofailedtoday.com/forum/viewtopic.php?id=69936&p=2"><P>banks lent money to people who couldn't pat them back. a lot of money<BR />ANYONE could get unlimited credit pushing home prices to insane levels<BR />mortgage lenders sold the mortgages to fannie mae and freddie mac who repackaged the mortages and sold them as bonds<BR />big investment pools (insurance companies, banks, local city/state govt, schools, pension funds etc) bought these bonds<BR />bonds are now becoming worthless because nobody can actually pay their mortgages<BR />state of florida is basically in emergency mode because their investment pool is drying up<BR />most major cities are shitting pance because the real estate market was a large part of the tax revenue / economy<BR />now to stop this, the gov't (you and me) will probably "guarantee the loans" so that the banks don't lose all their money<BR /><DIV>problem is, home values are going to continue to plunge and we'll have to pay the banks for all the failed mortgages from this point forward</DIV><BR />say goodnight to the american economy. seriously.</P></blockquote></div><div style="margin: 0px 6px 6px 4px;"><table style="font-size: 11px;border-spacing: 0px;padding: 0px;" cellpadding="0" cellspacing="0" width="100%"><tr><td style="background:transparent;border-width:0px;padding:0px;">&nbsp;</td><td align="right" style="background:transparent;border-width:0px;padding:0px;width:107px" width="107"><a href="http://clipmarks.com/share/0946C284-4096-4776-9ABE-D9B2810F9307/blog/" title="blog or email this clip"><img src="http://content6.clipmarks.com/images/c2b-foot.png" border="0" alt="blog it" width="107" height="17" style="border-width:0px;padding:0px;margin:0px;" /></a></td></tr></table></div></div>

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