2 comments on “A very good argument indeed

  1. Also worth following the author’s frequent exchanges with one Richard Murphy. Common sense meets fantasy…..

  2. Similarly, it’s worth trying to figure out who actually benefited the MOST from the bubble. The losses are easy to see, but who actually made off with the money? The tempting answer is “the banks”, or failing that “the bankers”.

    But a rough back-of-the-envelope calculation indicates that, in the US, the largest chunk of the money went to…property owners. Anyone who sold a house during the bubble (or got a cash-out mortgage or refinancing) profited. And the sheer number of such people (and the huge amounts involved, via the crazy leverage inherent in low or zero downpayment mortgages) dwarfs the profits of the banks or even the bonuses paid to the bankers.

    Rather messes up the “we are the 99%” narative, that does.

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