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Griftopia: Bubble Machines, Vampire Squids, and the Long Con That Is Breaking America Highlight

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He borrowed short, taking collateral that technically he had to be prepared to give back overnight, and invested long, in instruments that take ten, fifteen, thirty years to mature. This was a business model that only worked if new business was continually coming in—and we all know what that’s called.

— Matt Taibbi

Replicated under Fair Use from Griftopia: Bubble Machines, Vampire Squids, and the Long Con That Is Breaking America by Matt Taibbi.