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All the more reason the federal funds rate should be parked at 20% for the next few decades, and existing mortgages owned by Fannie Mae and Freddie Mac should all be recast to no lower than 12%, and no banks should be bailed out if their portfolioed mortgages fail, causing them to also fail.

The people who get fucked by the (much needed) real estate crash should be the ones who rode it up in the first place.