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Lol, sounds like the mortgage backed assets before the housing crash.

"Back it up with enough securities that are backed up by enough securities that are backed up by enough securities, you will turn the literal shit the eventual security is backed up by into gold".

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Most financial instruments are backed by other securities, so it "sounds like" the 2008 crash because it sounds like every financial instrument.

the problem with the crash is that the risk of the junk mortgages was not adequately assessed due to market failure.

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