Real estate appraisals were bogus since at least 2000. So the $2 trillion was always bogus.
So, if the $2 trillion never existed, it is not lost.
Too bad if a bunch of people spent like their house was truly appraised.
Since governments have been spending non-existent money for decades, we are just seeing a retreat to true value. Loans are being called.
What's the term? Mellonesque liquidation?
yitbos