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A US bank’s subsidiary is pushing a $3 million no-document, interest-only mortgage on your house even if you’re so squeezed that it’s up for sale.
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If you only looked at the dollar amounts that have been budgeted and ignored all of the rest of the growth of future entitlement spending, you'll discover that the US actually owes something around $20 trillion right now.
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Should all losses be recognised all at once, the American financial system is likely entirely underwater, and this is only on account of commercial real-estate exposure.
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