Bill Cutshall’s Weblog

October 1, 2008

Grosser than Gross

Filed under: Economics — billcutshall @ 6:31 pm

The current financial situation distilled:

People got loans and bought overpriced houses then went bankrupt when the houses lost value and they didn’t have the money to cover it.

Banks got loans and bought overpriced mortgages then went bankrupt when the mortgages lost value and they didn’t have the money to cover it.

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