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I have written on this before, and things are worse. After the crash of 2008, our financialized economy turned to auto (and student) loans to run the same scam. This is all about 7 year car loans which make for lower payments and results in higher prices. This also means people will rollover the balance of their loan when they buy the next car. See the graph below!

This is a bubble that will burst and screw everyone except the bankers!

This is all about the NEW philosophy that emerged in the housing crisis - that the borrower is responsible and they were stupid for taking the loan. Throughout all of capitalism, it was the lender that was required to do "due diligence" to ensure the loan would get neither party in trouble.

Not true, in today's world and this will end badly for the whole economy. Yet, we still have people who think "de-regulation" of markets is a good thing. The following is from Robert Reich:

(Quote - reformated)

Few ideas ha...See More


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