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The industry pushed adjustable rates too hard in an unstable market (read: ultra high interest market) and now everyone is paying for it dearly. The "free" market fucked up, and now big players in sub-prime are paying by filing for bankruptcy (which is still possible if you're a corporation, apparently).
The hilarious part to this whole atrocity is that a more socialist government could have prevented this horrible mess by controlling interest rates, preventing the jumps to adjustable rate loans. But hey, we all hate Bush and Uswto hates socialism, so let's all jump on the train.
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