Today was interesting in the paper. One of the leading economists here *finally* admitted what I've been saying all along. There won't be any
Posted by
Loyola
Oct 14 '10, 08:59
|
meaningful recovery until such time as the issue of negative equity for homeowners is addressed. aka underwater mortgages.
My method was to halve everyone's debt and tell the ECB to go f themselves. His method is to sell state assets and reduce the principal of the mortgage for everyone that way. I like my way better but it's a start.
|