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this post was submitted on 13 Jul 2023
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The way I read this, it suggests that banks shorting the housing market with my deposits caused a global recession.
You're right about the ratings agencies (as far as I know, also from The Big Short), I was skipping over that for brevity.
At the very least it compounded it. But didn't the banks that short it know the crash was going to happen? Why would an institution that large bet again the housing market, when the stigma was