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An Economy Built On Lies by Gary North

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By now, the term "liar loans" is common. Prospective house buyers provided false information to representatives of loan-initiating firms. The loan-initiators winked at the practice. Their well-compensated job was to pass on the paperwork to a government-created agency, who then sold to investors and hedge funds. From start to finish, from top to bottom, the entire structure was based on lies. No one worried about it.

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At www.lewrockwell.com

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