Pareene, what are you doing over at Salon these days? Oh you are writing crazy common-sense proposals like this: So my immodest proposal is simply this: Individuals and households in the bottom 99 percent who owe debt to any large financial institution that received federal government support during and after the 2008 crisis should see their debt forgiven. That would certainly stimulate the economy, as most people would suddenly find themselves with a great deal more money to spend on iPads (and food, and clothing, and housing, and healthcare). The debt can be forgiven by decree or if the government really wants to it can step in to pay it itself; I don’t much care either way. (Though it’d be nice to see it just wiped off the books, to enrage the banks.)
I definitely believe in the concept of debt forgiveness, but this really screws people who acted responsibly and did not (pretend to) pay 3000% of what a house is worth during the bubble. So now the responsible people who didn't buy a $60,000 home for $800,000 are just stuck with the fucking attendant higher rents?
I've a better solution: let the housing market fucking crash.
I definitely believe in the concept of debt forgiveness, but this really screws people who acted responsibly and did not (pretend to) pay 3000% of what a house is worth during the bubble. So now the responsible people who didn't buy a $60,000 home for $800,000 are just stuck with the fucking attendant higher rents?
I've a better solution: let the housing market fucking crash.
"more money to spend on iPads (and food, and clothing, and housing, and healthcare"
I was thinking beer. Good beer, not that lite crap.