The credit securitization market would have been brain dead if the US government had not been pumping $$ into it. If Uncle Sam were to withdraw tomorrow, we would see a further collapse in housing and other sectors throughout the economy that rely on debt to stay alive, which is practically everyone.
2 graphs tell the same story. The collapse in private demand for debt and the role federal $$ plays to support the entire credit market. I am reproducing the first one below that shows he share of public money in total credit securitization market. The second one in the article (I failed to upload) shows the total decline in all loans
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