>>> Doug Henwood > Who said let her rip ? As Raghu hinted, give the money to the poor > instead of the rich.
Uh, then they'd just have to turn it over to the bankers to service the mortgages. ^^^ CB: Oh I see. Then just a general forgiveness of all mortgages of the poor and middle incomed. ^^^^ If people at risk of foreclosure just kept the money, that wouldn't be fair to the suckers who are still paying their mortgages, either. ^^^ CB: Forgive _all_ mortgages of a certain incomed level of mortgagor. ^^^^ The best thing to do would be to socialize the losses and get something in return - a new form of ownership (e.g., limited equity co-ops), new kinds of financial institutions out of the wreckage of the old, or something. Doug ^^^^^ CB: That's good plan B. First try just forgiving mortgages universally for those of incomes below a certain mark. It's cleaner. Let her rip on the mortgagees. How about do mine as step one, and then start with a clean slate with a version of yours as step two; two phased revolution.
