---
title: "28 Ifs Quotes By Michael Hudson"
description: "28 Ifs quotes by Michael Hudson. Plus more from Michael Hudson and more Ifs sayings from other authors."
image: "https://sms4smile.com/quotes/i/6ff/michael-hudson-2134_gross_if-you-look-at-payments-to-labor-as-a-pr_624031.png"
---

> [If you look at payments to labor as a proportion of national income or gross domestic product, you find profits going way…](https://sms4smile.com/quotes/michael-hudson/if-you-look-at-payments-to-labor-as-a-proportion-of-national-income/)

[Michael Hudson](https://sms4smile.com/quotes/author/michael-hudson/)

[Image](https://sms4smile.com/quotes/i/6ff/michael-hudson-2134_gross_if-you-look-at-payments-to-labor-as-a-pr_624031.png)

> [If a lot of money goes into the stock market, it'll push up prices, making money for stock speculators. Then the insiders…](https://sms4smile.com/quotes/michael-hudson/if-a-lot-of-money-goes-into-the-stock-market-it-ll-push-up-prices/)

[Michael Hudson](https://sms4smile.com/quotes/author/michael-hudson/)

[Image](https://sms4smile.com/quotes/i/30e/michael-hudson-2134_customer_if-a-lot-of-money-goes-into-the-stock-ma_2951374.png)

> [Trump has said that he wants to remove the tax deductibility of interest. If he can do that, fine. But I hope…](https://sms4smile.com/quotes/michael-hudson/trump-has-said-that-he-wants-to-remove-the-tax-deductibility-of/)

[Michael Hudson](https://sms4smile.com/quotes/author/michael-hudson/)

[Image](https://sms4smile.com/quotes/i/a13/michael-hudson-2134_can-do_trump-has-said-that-he-wants-to-remove-t_1638779.jpg)

> [Normally, if someone goes bankrupt, you wipe out the debt and get a fresh start. But that's not permitted with student loans.…](https://sms4smile.com/quotes/michael-hudson/normally-if-someone-goes-bankrupt-you-wipe-out-the-debt-and-get-a/)

[Michael Hudson](https://sms4smile.com/quotes/author/michael-hudson/)

[Image](https://sms4smile.com/quotes/i/eb2/michael-hudson-2134_debt_normally-if-someone-goes-bankrupt-you-wi_470074.png)

> [Inflation usually helps the economy at large, but not the 1% if wages rise. So the 1% says that it is terrible.](https://sms4smile.com/quotes/michael-hudson/inflation-usually-helps-the-economy-at-large-but-not-the-1-if-wages/)

[Michael Hudson](https://sms4smile.com/quotes/author/michael-hudson/)

[Image](https://sms4smile.com/quotes/i/e12/michael-hudson-2134_customer_inflation-usually-helps-the-economy-at-l_1324441.png)

> [If the economy is growing, people want to employ more workers. If you hire more labor, wages go up.](https://sms4smile.com/quotes/michael-hudson/if-the-economy-is-growing-people-want-to-employ-more-workers-if-you/)

[Michael Hudson](https://sms4smile.com/quotes/author/michael-hudson/)

[Image](https://sms4smile.com/quotes/i/610/michael-hudson-2134_economics_if-the-economy-is-growing-people-want-to_2525525.png)

> [Most of the European leaders look at themselves as having to follow the United States, because if the US opposes them, there…](https://sms4smile.com/quotes/michael-hudson/most-of-the-european-leaders-look-at-themselves-as-having-to-follow/)

[Michael Hudson](https://sms4smile.com/quotes/author/michael-hudson/)

[Image](https://sms4smile.com/quotes/i/3e7/michael-hudson-2134_change_most-of-the-european-leaders-look-at-the_280842.png)

> [There are so many currency exchange rate problems that people are buying gold as a safe haven. Right now, gold looks like…](https://sms4smile.com/quotes/michael-hudson/there-are-so-many-currency-exchange-rate-problems-that-people-are/)

[Michael Hudson](https://sms4smile.com/quotes/author/michael-hudson/)

[Image](https://sms4smile.com/quotes/i/45d/michael-hudson-2134_break_there-are-so-many-currency-exchange-rate_1082295.jpg)

> [Throughout history, the only way of restoring stability is to write down the debts. That is treated now as if it's something…](https://sms4smile.com/quotes/michael-hudson/throughout-history-the-only-way-of-restoring-stability-is-to-write/)

[Michael Hudson](https://sms4smile.com/quotes/author/michael-hudson/)

[Image](https://sms4smile.com/quotes/i/47f/michael-hudson-2134_debt_throughout-history-the-only-way-of-resto_2609660.png)

> [If bankers can push the loans and make more profits for the bank, they get paid higher bonuses. They often also get…](https://sms4smile.com/quotes/michael-hudson/if-bankers-can-push-the-loans-and-make-more-profits-for-the-bank-they/)

[Michael Hudson](https://sms4smile.com/quotes/author/michael-hudson/)

[Image](https://sms4smile.com/quotes/i/e4b/michael-hudson-2134_bail_if-bankers-can-push-the-loans-and-make-m_1851308.png)

> [When you say "bank," a bank is a building, a set of computers and chairs and things. The bankers are the people…](https://sms4smile.com/quotes/michael-hudson/when-you-say-bank-a-bank-is-a-building-a-set-of-computers-and-chairs/)

[Michael Hudson](https://sms4smile.com/quotes/author/michael-hudson/)

[Image](https://sms4smile.com/quotes/i/1a0/michael-hudson-2134_bank_when-you-say-bank-a-bank-is-a-building-a_2289652.png)

> [It's amazing that Europe says, "What are we going to do with these refugees?" It's as if it doesn't realize that being…](https://sms4smile.com/quotes/michael-hudson/it-s-amazing-that-europe-says-what-are-we-going-to-do-with-these/)

[Michael Hudson](https://sms4smile.com/quotes/author/michael-hudson/)

[Image](https://sms4smile.com/quotes/i/4fe/michael-hudson-2134_bombing_it-s-amazing-that-europe-says-what-are-w_1946456.jpg)

> [The United States is pushing as policy division of the world into rival currency camps - the dollar area on the one…](https://sms4smile.com/quotes/michael-hudson/the-united-states-is-pushing-as-policy-division-of-the-world-into/)

[Michael Hudson](https://sms4smile.com/quotes/author/michael-hudson/)

[Image](https://sms4smile.com/quotes/i/bfa/michael-hudson-2134_areas_the-united-states-is-pushing-as-policy-d_209167.png)

> [More and more money is being extracted from of the production and consumption economy to pay the FIRE sector. That's what causes…](https://sms4smile.com/quotes/michael-hudson/more-and-more-money-is-being-extracted-from-of-the-production-and/)

[Michael Hudson](https://sms4smile.com/quotes/author/michael-hudson/)

[Image](https://sms4smile.com/quotes/i/a39/michael-hudson-2134_causes_more-and-more-money-is-being-extracted-f_869156.jpg)

> [Everybody would be better off if they could buy housing for only, let's say, a carrying charge of one-quarter of their income.…](https://sms4smile.com/quotes/michael-hudson/everybody-would-be-better-off-if-they-could-buy-housing-for-only-let/)

[Michael Hudson](https://sms4smile.com/quotes/author/michael-hudson/)

[Image](https://sms4smile.com/quotes/i/5c6/michael-hudson-2134_better-off_everybody-would-be-better-off-if-they-co_1212433.jpg)

> [If you want to see where Trump is moving, look at what the United States neoliberals advised Russia to do after 1991,…](https://sms4smile.com/quotes/michael-hudson/if-you-want-to-see-where-trump-is-moving-look-at-what-the-united/)

[Michael Hudson](https://sms4smile.com/quotes/author/michael-hudson/)

[Image](https://sms4smile.com/quotes/i/02b/michael-hudson-2134_advisors_if-you-want-to-see-where-trump-is-moving_640687.jpg)

> [Seventy-eight percent of millennials are worried about not having enough good paying job opportunity to pay off their student loans. Seventy-four percent…](https://sms4smile.com/quotes/michael-hudson/seventy-eight-percent-of-millennials-are-worried-about-not-having/)

[Michael Hudson](https://sms4smile.com/quotes/author/michael-hudson/)

[Image](https://sms4smile.com/quotes/i/5b5/michael-hudson-2134_able_seventy-eight-percent-of-millennials-are_3163143.png)

> [If you're a wealthy heir with a trust fund, and you sell stocks, make your 10% gains since Donald Trump, and then…](https://sms4smile.com/quotes/michael-hudson/if-you-re-a-wealthy-heir-with-a-trust-fund-and-you-sell-stocks-make/)

[Michael Hudson](https://sms4smile.com/quotes/author/michael-hudson/)

[Image](https://sms4smile.com/quotes/i/b47/michael-hudson-2134_accountants_if-you-re-a-wealthy-heir-with-a-trust-fu_1245832.png)

> [The worst loophole is what Donald Trump has talked about: the tax deductibility of interest. If you let real estate owners or…](https://sms4smile.com/quotes/michael-hudson/the-worst-loophole-is-what-donald-trump-has-talked-about-the-tax/)

[Michael Hudson](https://sms4smile.com/quotes/author/michael-hudson/)

[Image](https://sms4smile.com/quotes/i/18f/michael-hudson-2134_company_the-worst-loophole-is-what-donald-trump_807243.png)

> [I think something like three-quarters of American currency is held abroad, by drug dealers, by tax evaders, Russians and Chinese. Other people…](https://sms4smile.com/quotes/michael-hudson/i-think-something-like-three-quarters-of-american-currency-is-held/)

[Michael Hudson](https://sms4smile.com/quotes/author/michael-hudson/)

[Image](https://sms4smile.com/quotes/i/17e/michael-hudson-2134_bills_i-think-something-like-three-quarters-of_2882661.png)

> [From 2008 to 2016 all the growth in the American economy, all the growth in national income, was earned just by the…](https://sms4smile.com/quotes/michael-hudson/from-2008-to-2016-all-the-growth-in-the-american-economy-all-the/)

[Michael Hudson](https://sms4smile.com/quotes/author/michael-hudson/)

[Image](https://sms4smile.com/quotes/i/f85/michael-hudson-2134_able_from-2008-to-2016-all-the-growth-in-the_2144538.jpg)

> [Now, suppose that a homeowner puts down only 3% of their own money or 3.5% for the FHA. That means if prices…](https://sms4smile.com/quotes/michael-hudson/now-suppose-that-a-homeowner-puts-down-only-3-of-their-own-money-or-3/)

[Michael Hudson](https://sms4smile.com/quotes/author/michael-hudson/)

[Image](https://sms4smile.com/quotes/i/78a/michael-hudson-2134_cheaper_now-suppose-that-a-homeowner-puts-down-o_2639692.png)

> [If you have to pay about forty to forty-three percent of your income for housing, you also have to pay fifteen percent…](https://sms4smile.com/quotes/michael-hudson/if-you-have-to-pay-about-forty-to-forty-three-percent-of-your-income/)

[Michael Hudson](https://sms4smile.com/quotes/author/michael-hudson/)

[Image](https://sms4smile.com/quotes/i/4fc/michael-hudson-2134_cards_if-you-have-to-pay-about-forty-to-forty_1661965.png)

> [If you increase living standards, you make labor more productive. This is why Asia today is becoming more productive than the United…](https://sms4smile.com/quotes/michael-hudson/if-you-increase-living-standards-you-make-labor-more-productive-this/)

[Michael Hudson](https://sms4smile.com/quotes/author/michael-hudson/)

[Image](https://sms4smile.com/quotes/i/f69/michael-hudson-2134_asia_if-you-increase-living-standards-you-mak_2045513.png)

> [Trump's junk economics is the illusion that if we cut the taxes on the wealthiest brackets, it'll all trickle down. But it…](https://sms4smile.com/quotes/michael-hudson/trump-s-junk-economics-is-the-illusion-that-if-we-cut-the-taxes-on/)

[Michael Hudson](https://sms4smile.com/quotes/author/michael-hudson/)

[Image](https://sms4smile.com/quotes/i/56e/michael-hudson-2134_brackets_trump-s-junk-economics-is-the-illusion-t_1450865.png)

> [The biggest industrial sector next to real estate is oil, gas and other mineral resources. They don't report any taxable income, because…](https://sms4smile.com/quotes/michael-hudson/the-biggest-industrial-sector-next-to-real-estate-is-oil-gas-and/)

[Michael Hudson](https://sms4smile.com/quotes/author/michael-hudson/)

[Image](https://sms4smile.com/quotes/i/713/michael-hudson-2134_accountants_the-biggest-industrial-sector-next-to-re_1211724.png)

> [The myth is that if housing prices go up, Americans will be richer. What banks - and behind them, the Federal Reserve…](https://sms4smile.com/quotes/michael-hudson/the-myth-is-that-if-housing-prices-go-up-americans-will-be-richer/)

[Michael Hudson](https://sms4smile.com/quotes/author/michael-hudson/)

[Image](https://sms4smile.com/quotes/i/8b1/michael-hudson-2134_able_the-myth-is-that-if-housing-prices-go-up_2564980.png)

> [The problems of 2008 were never cured. The Federal Reserve's solution to the crisis was to lend the economy enough money to…](https://sms4smile.com/quotes/michael-hudson/the-problems-of-2008-were-never-cured-the-federal-reserve-s-solution/)

[Michael Hudson](https://sms4smile.com/quotes/author/michael-hudson/)

[Image](https://sms4smile.com/quotes/i/cdb/michael-hudson-2134_balance_the-problems-of-2008-were-never-cured-th_899545.png)

## Other authors on Ifs

## More by Michael Hudson

> [Europe is creating the flight of refugees that's tearing it apart politically, and leading rightwing nationalist parties to gain power to withdraw from the…](https://sms4smile.com/quotes/michael-hudson/europe-is-creating-the-flight-of-refugees-that-s-tearing-it-apart/)

[Michael Hudson](https://sms4smile.com/quotes/author/michael-hudson/)

> [This is not really currency that circulates. It's like the old joke about expensive vintage wine. Wine prices will go up and once in…](https://sms4smile.com/quotes/michael-hudson/this-is-not-really-currency-that-circulates-it-s-like-the-old-joke/)

[Michael Hudson](https://sms4smile.com/quotes/author/michael-hudson/)

> [Nobody prefers to earn income any more, because that's taxable. Rich people prefer to make capital gains.](https://sms4smile.com/quotes/michael-hudson/nobody-prefers-to-earn-income-any-more-because-that-s-taxable-rich/)

[Michael Hudson](https://sms4smile.com/quotes/author/michael-hudson/)

> [Nothing could be better for the economy than to get rid of fracking.](https://sms4smile.com/quotes/michael-hudson/nothing-could-be-better-for-the-economy-than-to-get-rid-of-fracking/)

[Michael Hudson](https://sms4smile.com/quotes/author/michael-hudson/)

> [If you end internet neutrality and permit mergers of the big information technology corporations, that's a form of rent seeking. It's part of today's…](https://sms4smile.com/quotes/michael-hudson/if-you-end-internet-neutrality-and-permit-mergers-of-the-big/)

[Michael Hudson](https://sms4smile.com/quotes/author/michael-hudson/)

> [Deflation means a slowdown of income growth. Markets shrink, new capital investment and employment also taper off, so wages decline. That is what's happening…](https://sms4smile.com/quotes/michael-hudson/deflation-means-a-slowdown-of-income-growth-markets-shrink-new/)

[Michael Hudson](https://sms4smile.com/quotes/author/michael-hudson/)

> [What's bad for the frackers usually is good for the rest of the world.](https://sms4smile.com/quotes/michael-hudson/what-s-bad-for-the-frackers-usually-is-good-for-the-rest-of-the-world/)

[Michael Hudson](https://sms4smile.com/quotes/author/michael-hudson/)

> [You could say that the vote to withdraw from Europe is, it's really a vote of the British middle class, the working class, to…](https://sms4smile.com/quotes/michael-hudson/you-could-say-that-the-vote-to-withdraw-from-europe-is-it-s-really-a/)

[Michael Hudson](https://sms4smile.com/quotes/author/michael-hudson/)

> [Actually, high housing prices don't help the economy. They raise the cost of living.](https://sms4smile.com/quotes/michael-hudson/actually-high-housing-prices-don-t-help-the-economy-they-raise-the/)

[Michael Hudson](https://sms4smile.com/quotes/author/michael-hudson/)

> [When economists speak of money, they neglect that all money and credit is debt. That is the essence of bookkeeping and accounting. There are…](https://sms4smile.com/quotes/michael-hudson/when-economists-speak-of-money-they-neglect-that-all-money-and-credit/)

[Michael Hudson](https://sms4smile.com/quotes/author/michael-hudson/)

> [The United States and Europe are in a state of debt deflation, where people and businesses have to pay banks instead of spending their…](https://sms4smile.com/quotes/michael-hudson/the-united-states-and-europe-are-in-a-state-of-debt-deflation-where/)

[Michael Hudson](https://sms4smile.com/quotes/author/michael-hudson/)

> [On the flat tax, the more you compress the tax rates, the more you untax where the income is really made, at the top…](https://sms4smile.com/quotes/michael-hudson/on-the-flat-tax-the-more-you-compress-the-tax-rates-the-more-you/)

[Michael Hudson](https://sms4smile.com/quotes/author/michael-hudson/)

> [Income is sucked upward to the creditors, who then foreclose on the assets of debtors. This shrinks tax revenue, forcing public budgets into deficit.…](https://sms4smile.com/quotes/michael-hudson/income-is-sucked-upward-to-the-creditors-who-then-foreclose-on-the/)

[Michael Hudson](https://sms4smile.com/quotes/author/michael-hudson/)

> [Debtor countries may postpone the inevitable by borrowing from the IMF or U.S. Treasury to buy out bondholders. This saves the latter from taking…](https://sms4smile.com/quotes/michael-hudson/debtor-countries-may-postpone-the-inevitable-by-borrowing-from-the/)

[Michael Hudson](https://sms4smile.com/quotes/author/michael-hudson/)

> [No price is too high to pay to try to make the financial system go on a little bit longer. But ultimately it can't…](https://sms4smile.com/quotes/michael-hudson/no-price-is-too-high-to-pay-to-try-to-make-the-financial-system-go-on/)

[Michael Hudson](https://sms4smile.com/quotes/author/michael-hudson/)

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                        "text": "Throughout history, the only way of restoring stability is to write down the debts. That is treated now as if it's something that can't be done. But it's the only thing that's going to revive the economy.",
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                        "text": "If bankers can push the loans and make more profits for the bank, they get paid higher bonuses. They often also get stock options. If the bank goes under, they get to keep all of these salaries and options - and the government will bail out the bank. These guys will take their money and run, which is pretty much what they're doing now.",
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                        "text": "When you say \"bank,\" a bank is a building, a set of computers and chairs and things. The bankers are the people running these banks. They're the chief officers, and they push the loans because they don't care if they go bad. For one thing, they may package these bad loans and sell them off to gullible institutional investors.",
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                        "text": "It's amazing that Europe says, \"What are we going to do with these refugees?\" It's as if it doesn't realize that being part of NATO and bombing these countries forces them to choose to live by fleeing, or to stay and get bombed.",
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                        "text": "The United States is pushing as policy division of the world into rival currency camps - the dollar area on the one hand, and the Russia-Chinese-Shanghai Cooperation Organization group on the other, especially now that the IMF has changed its rules. People think that if there are rival currency groupings and national currencies are going bust, we might as well use gold as a safe haven.",
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                        "text": "More and more money is being extracted from of the production and consumption economy to pay the FIRE sector. That's what causes debt deflation and shrinks markets. If you pay the banks, you have less to spend on goods and services.",
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                        "text": "Everybody would be better off if they could buy housing for only, let's say, a carrying charge of one-quarter of their income. That used to be the case 50 years ago. Buyers had to save up and make a higher down payment, giving them more equity - perhaps 25 or 30 percent. But today, banks are creating enough credit to bid up housing prices again.",
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                        "text": "If you want to see where Trump is moving, look at what the United States neoliberals advised Russia to do after 1991, when they promised to create an ideal economy. Russia was under the impression that the neoliberal advisors were going to make Russia as rich as the United States. What they really did was create a kleptocracy that was virtually tax-free.",
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                        "text": "Seventy-eight percent of millennials are worried about not having enough good paying job opportunity to pay off their student loans. Seventy-four percent can't pay the health care if they get sick. Seventy-nine percent don't have enough money to live when they retire. So, already, we're having a whole generation that's coming on, not only here but also in Europe, that isn't able to get good-paying jobs.",
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                        "text": "If you're a wealthy heir with a trust fund, and you sell stocks, make your 10% gains since Donald Trump, and then you buy other stocks, you can avoid paying taxes. And if your accountant registers your wealth offshore in a Panamanian fund, like Russian kleptocrats do - and as more and more Americans do - you don't have to pay any tax at all, because it's not American income, it's foreign income in an enclave without an income tax.",
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                        "text": "The worst loophole is what Donald Trump has talked about: the tax deductibility of interest. If you let real estate owners or corporate raiders borrow the money to buy a property or company, and then pay interest to the bondholders, you'll load the company you take over with debt. But you don't have to pay taxes on the profits that you pay out in this way. You can deduct the interest from your tax liability.",
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                        "text": "I think something like three-quarters of American currency is held abroad, by drug dealers, by tax evaders, Russians and Chinese. Other people think that they want to protect themselves against their own currency going down. When you have 75% of the currency and even more of the high-denomination $100 bills held abroad, you wonder whether these are people we really want to pay. If you get rid of the $100 bills, its foreign holders will be the main losers.",
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                        "text": "From 2008 to 2016 all the growth in the American economy, all the growth in national income, was earned just by the wealthiest 5% of the population. So they got all the growth. 95% of the population didn't grow. If you can get a flat tax or other lower tax, as Trump is suggesting, then this richest 5% will be able to keep even more money. That means that the 95% will be even poorer than they were before, relative to the very top.",
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                        "text": "Now, suppose that a homeowner puts down only 3% of their own money or 3.5% for the FHA. That means if prices go down by only 3%, the house will be in negative equity and it would pay the homeowner just to walk away and say, \"The house now is worth less than the mortgage I owe. I think I'm just going to move out and buy a cheaper house.\" So it's very risky when you have only a 3% or 3.5% equity for the loan. The bank really isn't left with much cushion as collateral.",
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                        "text": "If you have to pay about forty to forty-three percent of your income for housing, you also have to pay fifteen percent of your paycheck for the FICA for Social Security wage withholding. You have to pay medical care, you have to pay the banks for your credit card debt, student loans. Then you only have about twenty-five or thirty-five percent, maybe one-third of your salary to buy goods and services. That's all.",
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                        "text": "If you increase living standards, you make labor more productive. This is why Asia today is becoming more productive than the United States.",
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                        "text": "Trump's junk economics is the illusion that if we cut the taxes on the wealthiest brackets, it'll all trickle down. But it doesn't trickle down.",
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                        "text": "The biggest industrial sector next to real estate is oil, gas and other mineral resources. They don't report any taxable income, because if you depict yourself as earning a profit, you have to pay a tax on it. So, it's all about what accountants choose to declare as profit.",
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                        "text": "The myth is that if housing prices go up, Americans will be richer. What banks - and behind them, the Federal Reserve - really want is for new buyers to be able to borrow enough money to buy the houses from mortgage defaulters, and thus save the banks from suffering from more mortgage defaults.",
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                        "text": "The problems of 2008 were never cured. The Federal Reserve's solution to the crisis was to lend the economy enough money to borrow its way out of debt. It thought that if it could subsidize banks lending homeowners enough money to buy houses from people who are defaulting, then the bank balance sheets would end up okay.",
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