We didn't actually solve this problem after 2008. We blamed the banks and just kicked the can down the road. http://www.economist.com/news/leaders/21705317-americas-housing-system-was-centre-last-crisis-it-has-still-not-been-properly …
I see. But the premise of $5.9 trillion of securities or like all of US housing finance being dependent on GSE lifelines?
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The period where the US was least dependent on GSE/USG lifelines? The massive housing bubblepic.twitter.com/XcH8K3Px5p
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risk has just been shifted to the state, no?
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US housing finance is dependent on USG backstops, but it is around 70-75% today versus 90%+ from 2009-12.
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you don't think that design remains a systemic risk?
End of conversation
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