In the current economic crisis we hear of organizations and individuals having lost a lot of money. Also, owing expensive pseudo-assets such as overpriced home mortgages.
Over the last number of years here in northern Minnesota (not a strong economy even before current times), I saw residential property prices shoot up, and apparently people were getting loans and buying these overpriced items.
Now I presume the people selling these properties made a killing - It was the banks that foreclosed the mortgages that got killed.
Bottom line - Where did all this lost money go?
Moose
Professor, geology, Whatsamatta U
Evolution - Changes in the environment, caused by the interactions of the components of the environment.
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