“We need a reset, a default.”
I almost agree. There is something about a default then a period of redemption that I find compelling. However given the elderly that would be left to die, I can’t agree.
I see this whole debacule from both angles.
My mom relies on Calpers. My hubby is not near retirement. My daughter is finishing high school. We are in-between, yet I can see the damage done, and the damage that is coming. The fraud in the mortgage industry along with the collusion of the banks on their CDS swaps is ten times BIGGER than the GDP. WE CAN NOT PAY THE BANKS LOSSES BACK. Default is the only way. I am not happy to write that. But even with jobs, there will be no way to pay it back!!!!
Default will clear the system. It will hurt most Americans, and yes the elderly. But do we really want to leave a mountain of debt for the next generation?
I don’t.
Debt enslaves, and I will not want to see the next generation in chains, because we refused to see reality for what it is.