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Far Out Bear

Debunking The King

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"House prices are a matter of opinion, but the debt is real" - King

Well, I think the mortgage meltdown taking place, especially the Bear Sterns debacle shows this statement to be rather vain.

The truth is that the value of anything is a matter of opinion. It's only when you attempt to sell it on that those opinions can reach a consensus. The debt is also a matter of opinioin, and as far as the markets are concerned, the concensus is it aint worth sh1t!

So, if the debt aint worth sh1t, who bought these things and what will the reaction be when the masses realise how much of their savings were diverted into this ponzi game and into the pockets of these fund managers and banking CEOs?

WWhhiiirrrrrrrr - I can hear the printing presses firing on all cyclinders ready to replace all that money before anyone notices!

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But the debt is payable by the mortgagees surely and therefore they have to pay it off therefore it is real to them?

It may not be worth 'investing' in those debts but the debt is real to the debter. His house price is however a matter of opinion in that in my opinion it's overpriced therefore I won't buy it and cancel the real debt.

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