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Aired on the Doomstead Diner on July 8, 2015

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Snippet:

…At a certain point in 2008, it became clear that MANY people could not pay up on the Sub-Prime mortgages, which meant also that real estate prices began to drop, so even if a bank foreclosed on a mortgage, they couldn't resell the property at a profit or even break even. Huge numbers of McMansions went into the Shadow Inventory, and remain there to this day. The bailout of AIG and the endless QE since 2008 has been an effort to paper over that problem. In the aftermath of that crash, the price of Oil dropped from its all time highs above $140/bbl to around $30/bbl. A full blown recession was underway, which TPTB only were able to halt through QE and massive accounting fraud over these last few years, making available Cheap Credit at ZIRP to just about any bozo company that could fog a mirror. Besides the Frackers, cheap and EZ funny money went out in IPOs to idiotic companies like Facepalm, PoopOn, Uber-dopes and Ali-poo-poo. Gobs of funny money poured into numerous shady Chinese enterprises and development projects of Ghost Cities that remain empty to this day. This massive bubble blowing on a Global Scale kept the industrial economy somewhat functional for the last 8 years, but of course all bbbles do POP in the end, and now this one is in the process of doing said popping. Why?…

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