The housing market turned out to be a house of cards from "summary" of The Big Short by Michael Lewis
The housing market was a place where illusions were created and perpetuated with the help of faulty assumptions and wishful thinking. It was like a house of cards, built on a shaky foundation of subprime mortgages that were destined to collapse. These mortgages were given out to people who couldn't afford them, based on the misguided belief that housing prices would continue to rise indefinitely. As the market grew more and more inflated, with prices skyrocketing to unsustainable levels, the cracks in the foundation started to show. The entire system was built on a house of cards, with each card representing a risky mortgage that had been bundled together and sold as an investment. When the inevitable happened and housing prices started to fall, the whole structure came crashing down. Investors who had been lured in by the promise of easy profits suddenly found themselves holding worthless assets. The financial institutions that had created and profited from these toxic mortgages were left scrambling to cover their losses. The entire economy teetered on the brink of collapse, all because the housing market turned out to be nothing more than a mirage, a house of cards waiting to fall. The consequences of this collapse were far-reaching, affecting millions of people who had been caught up in the frenzy of the housing bubble. Families lost their homes, workers lost their jobs, and entire communities were left devastated. It was a stark reminder of the dangers of unchecked greed and the folly of believing in something that was too good to be true. The housing market had shown its true colors, revealing itself to be nothing more than a fragile house of cards that could crumble at any moment.
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