Sunday, October 2, 2011

This May Be Better Than A Revolution

By Jennifer Ablan and Matthew Goldstein

NEW YORK (Reuters) – More than three years after the financial crisis struck, the economy remains stuck in a consumer debt trap. It’s a situation that could take years to correct itself. That’s why some economists are calling for a radical step: massive debt relief.
Federal policy makers, they suggest, should broker what amounts to an out-of-court settlement between institutional bond investors, banks and consumer advocates – essentially, a “great haircut” to jumpstart the economy.

What some are envisioning is a negotiated process in which cash-strapped homeowners get real mortgage relief, even if it means forcing banks to incur severe write-downs and bond investors to absorb haircuts, or losses, in some of the securities sold by those institutions.
“We’ve put this off for too long,” said L. Randall Wray, a professor of economics at the University of Missouri-Kansas City. “We need debt relief and jobs and until we get these two things, I think recovery is impossible.”

The bailout of the nation’s banks, a nearly trillion dollar stimulus package and an array of programs by the Federal Reserve to keep interest rates near zero may have stopped the economy from falling into the abyss. But none of those measures have fixed the underlying problem of too much consumer debt.
Read more at Reuters

It should be pointed out that the Federal Reserve in the US gave the international banksters $16-Trillion dollars in bail outs that this story and many other main stream media reports don't account for. All of out tax dollars should be accounted for like the $2.3 trillion dollars that then former Secretary of Defense Donald Rumsfeld said was missing from the books of the Pentagon the day before 9/11. For some reason, just about everyone forgot about that the very next day. It's only $2.3 trillion dollars, that shouldn't be enough for the republicans to hold the country hostage 10 years later or should it? Did they do this on purpose? They could care less about investigating where this $2.3 trillion dollars went. They didn't even want to investigate how 9/11 happened until about a year and a half later, after the forensic evidence had mostly been removed and recycled.  Occupy Wall St. until they tell us the truth!


  1. Gil Scott-Heron was right: "The revolution will not be televised."

  2. There shouldn't be a revolution. 98 percent of the people are not currently being represented by their government and that 2 percent that benefiting from this should just step aside and let the rest of us get back to work.


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