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The economic problems associated with deflating real estate bubbles/defaulting debt haven't disappeared but governments(taxpayers) are assuming all of the risk in an effort to restore confidence. Hopefully this allows us to bump along the bottom for a few years and get out the the other side without a meltdown, but even *if* it succeeds, the poor old taxpayer gets bled dry while the robber barrons have a giggle about how they got away with it.
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