Are you saying then that the originating bank doesn't even have a the note underlying the mortgage?
Not good, not good at at all. And I'll give my consent to any government that does not deny a man a living wage-Billy Bragg
Don't worry: This is a problem only for the investment banks who were stupid enough to go in at the second tier of this ponzi scheme.
This won't affect the taxpayers at all, unless they are stupid enough to try to keep the banks afloat by bailing out their bad paper . . .
Doh. The Fates are kind.
Now maybe the answer is to nationalize -- or alternatively to simply let them fail -- and wipe them out anyway. (I think that's what I would do.) But it seems there's a major problem sitting there that isn't being talked about that might help to explain why the government is so hesitant to make a serious move.
Just something to consider. Conservatives want live babies so they can raise them to be dead soldiers. - George Carlin
- Jake If you only spend 20 minutes of the rest of your life on economics, go spend them here.
Social Security was invented during the Great Depression for a reason. Most economists teach a theoretical framework that has been shown to be fundamentally useless. -- James K. Galbraith
It's not so clean when you add the political consideration. Conservatives want live babies so they can raise them to be dead soldiers. - George Carlin
There is nothing wrong with letting private pension plans collapse that higher public pensions cannot solve.
Maybe Americans need to have their collective 401(k) investment cleaned so they realise that the "state pension insolvency crisis" was a bogus argument...
Obama is now playing Hamlet. I fear he will become Tony Blair and that the Democrats will become NuLab. As the Dutch said while fighting the Spanish: "It is not necessary to have hope in order to persevere."
For that matter, last time I checked, sovereigns presiding over even remotely functioning economies cannot be insolvent, full stop. And if the economy isn't even remotely functioning, what's the chance that private pension plans are solvent anyway?
Now, here's an idea: What about y'all confiscate all the 401(k)s and all future revenues going into them, and set up an equitable public pension scheme instead? If that's insolvent, then sure as Hell the 401(k)s are insolvent. And if it's not, then what's all the squealing about public pension plan insolvency about?
What is the public pension insolvency crisis?
I fear that too many of the Democrats are unwilling to take it on because they need contributions from the same people who are financing and benefiting from the work of these "think tanks." That is why campaign finance reform needs to be rammed through before they start on the really difficult stuff. As the Dutch said while fighting the Spanish: "It is not necessary to have hope in order to persevere."
I fear he will become Tony Blair and that the Democrats will become NuLab.
I (unfortunately) refer you to many similar comments made by UK posters before the election. Any idiot can face a crisis - it's day to day living that wears you out.
