Aren't we just the worst 
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truly
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@RerTV 1986? I haven't seen this chart before, but it reinforces my belief the Reagan admin fucked up EVERYTHING. https://en.wikipedia.org/wiki/Tax_Reform_Act_of_1986 … -
The very specific factor being: "Moreover, interest on consumer loans such as credit card debt was no longer deductible."
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Fascinating, I didn't even know that was a thing. Just grew up in ignorance on that.
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I picked that up in the years after the 2008 collapse, when someone explained why consolidation loans were such a huge thing.
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Basically, since mortgages were the only deductible debt, all debt got folded into mortgages. Thus, house prices inflate, etc, etc, etc.
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He had help.
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