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Well remember that part of the 'deficit' was hidden under W because he kept the costs of Iraq and Afghanistan 'off budget' not that it meant we were not spending the money. It is called creative bookkeeping in most circles, outright theft in others.
God forbid we go back to their economic theories. Fortunately for my pension Canada did not have any sub-primates running about as the CMHC did not allow such idiocy. Derivatives and tranches are dirty words in the GWN. You get a mortgage directly from a bank and they don't sell them, bundled or otherwise. Here, while there was a mortgage on this house, we went through over six different banks, yet we only re-negotiated once.
With the whole concept of derivatives and tranches how in hell anyone knows who really holds their mortgage is beyond comprehension. Another set of thieves the CMHC does not allow are Title Companies.
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