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Cake day: June 4th, 2025

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  • It was rich people that caused the collapse, not gas prices. Banks gave out variable interest rate loans, which are risky and predatory, to people that didn’t have the credit/income to afford houses. The banks then turned all of those variable rate home loans into housing related securities, which let investors in those programs earn interest on buying a tiny slice of the mortgages. Now the investors need the line to go up. What happens? Those variable rates on those mortgages get jacked up to make profit for the investors. Now Joe Schmoe can’t afford his mortgage, defaults on the loan, and loses his house. What happens next? All of those variable rate loans had mortgage insurance, which pays the lender when the borrower defaults on the loan/mortgage. What happens next, the collapse of entities that insured those loans. What happens next? We, the fucking tax payers bail them the fuck out. What happens next? The rich greedy assholes find a new thing required for existence to turn into a commodity to squeeze us more; like healthcare.