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Serious suggestions:
Fed rate cut by 75 basis points.
Extend 600k conforming loan limit to entire country.
Heavily regulate mortgage industry to eliminate bad actors.
Government agencies get lenders and owners to renegotiate toxic and underwater loans where possible.
Increase arcahic $3k/year capital loss limit to $100k or more.
And on the lighter side:
House Katrina refugees in empty $1million McMansions to save on trailers.
Convert abandoned condo complexes into housing projects.
Depreciate dollar by 2x through inflation until everyone has positive equity.
Elect Hugo Chavez president and then cancel all debts retroactively.
Peter P
2007 Sep 5, 4:12am
marx is by far the most important economist in history.
To be fair, TCM has a rather accurate prognosis of capitalism. However, its prescriptions are worse than the disease.
Nevertheless, we do not really need economists. All we need is more hedge funds to arb the market.
Peter P
2007 Sep 5, 4:18am
I would say George Soros is the most outstanding econo-philosopher in the 20th Century.
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With home prices falling and subprime mortgages resetting, there will be growing pain among those who have used non-traditional financing to purchases their homes in recent months. As compassionate bloggers, we should seek to comfort them with emotional support. We need them to understand that hope is still within sight and the American Dream is still reachable.
Let's formulate a plan to show our warm hearts.
Note: We should still oppose any form of bailout because that would interfere with Free Market.
-Anonymous
#housing