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Dominoes of Cascading Lies
The writer and social essayist Charles Hugh Smith recently posted a great article on his blog about the domino effect leading up to the mortgage meltdown. With Charles’ permission, here is a great graphic depicting how we got to where we find ourselves today:
From Charles’ blog:
Empire of Lies, Kingdom of Magical Thinking
We in the U.S. live in an Empire of Lies. Nowhere is this more painfully visible than in the real estate industry. The real estate/building industry inflated the bubble with an interconnected chain of lies, deceptions and deliberate statistical legerdemaine.
The American public willingly accepted a free pass to the Kingdom of Magical Thinking, where they could indulge their fantasies of gaining great wealth by doing nothing more than owning a house.
Way to go, Charles; I couldn’t have said it better myself!
For more of Charles’ excellent thoughts, read Empire of Lies, Kingdom of Magical Thinking.
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