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2008 recession questions: 1.Why would Wall Street buy mortgages of people who had really bad credit and no down payment? 2.Why would Bond rating agencies

2008 recession questions:

1.Why would Wall Street buy mortgages of people who had really bad credit and no down payment?

2.Why would Bond rating agencies rate these mortgages backed securities that were subprime as investment grade?

3.How does the prisoner's dilemma explain why banks would give loans to people who could not pay it back?

4.What happened with the reserve primary fund?

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