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02/11/2012

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adam

As a former real estate agent who worked post-crash, the real estate crisis is something very interesting to me. This deal is not surprising, and if it's anything like the ones before it will exist almost entirely on paper - the banks will make it hard to collect any restitution and very few people will be eligible for modifications. The parade of foreclosures will go on.

Keeping the banks afloat and encouraging them to grow bigger (with moves like Wachovia being swallowed by Wells-Fargo) was a massive (intentional) mistake that has set the stage for the next step down. The bankers and CEOs are the American royalty and nobility, and they are protecting their privledge... But they should remember that things can go awfully badly for the elites during revolutions. The OWS movement has been put down, but the grudges are still there.

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