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user-inactivated · 4376 days ago · link · · parent · post: We won’t see the economic crash coming next time, either.
He's right that the 'mass delusion' that housing prices would rise forever was crippling all across the board, but he's wrong to say that's the sole cause worth talking about. Not when emails were flying around Sachs and ML saying 'man, how long are these idiots going to buy this?" There exists literal proof that a lot of upper-echelon bankers, rating agency employees, etc. knew that the bubble was going to pop.