First, Steve Eisman takes us down memory lane. You might not know his name, but was one of the Big Shorters that found out the jig was up by late 2006 on the Mortgage market in the USA. One learned - I was not in this business - by reading about this collapse, almost in real-time, during 2008.
Eisman walks you down memory lane about how the sausage was done.
$5.1 Trillion Dollar Problem
Second, nothing changes but location, and the finite methodology behind it. Mitch Wexler is noticing same sort of fraudulent and ratings of bonds crap. This time the bonds are tied to School Districts, Property Value Assessments, Property Taxes Collected, et. al.
Districts are levering their ability to collect property taxes to pay off bonds they have used to “acquire” monies for useful and NON-USEFUL purposes.
Below is my graphic made around 2012, regarding the major players in the GFC.
