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Heresy Financial
Mar 29, 2023
We’ve all heard the familiar story about real estate. Interest rates were too low, people became overleveraged because of all the cheap money, bought a bunch of real estates, and then interest rates went higher than people were expecting; that meant they could no longer afford the future payments.
But they also could not afford to liquidate their property because they would not have enough left to pay off their loan if they did.
Their only option at that point was to default, which meant that the banks who had also become overexposed to these real estate loans were at risk of failure for having too many of these loans default.
Now, you might think that I am describing the great fiscal crisis to you. However, what I am describing is what is going on right now.
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