Wall Street loves the latest proposal to buy up toxic debt. That alone tells me that it is a very bad idea.
Can we just buy all these mortgages at current value already, like we did in the 1930s? That actually saved lives, homes and made a profit. Then we can put these failed banks into receivership, get them back on their feet and then sell them – and make a profit on that as well.
In the end, everybody wins, because that was how we built the prosperity that was enjoyed in this country in the previous century.
The blueprint for recovery exists but no one has the will or the moral or political courage to follow it.
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