JL
2009-02-22 15:35:14
At least Steve Forbes gets it. Now we only need the Federal Reserve Board of Governors to get it. Refinancing mortgages is not gonna do the trick though. A one time tax deduction or tax credit of 80% of all loan interest in adjustable rate loans and tax deduction/credit for 80% of losses on fixed rate loan bonds 2007/2008. That is the only cure that will place the syringe right in the center of the cancer. Finance it with Treasury bonds (the Oil barons need a place to put the money they made in 2007 and 2008). It’s a widespread misconception that the problem only lies with sub prime mortgages. It’s everybody who has an adjustable rate loan in anything or owns bonds. Sub prime is just the visible tip of the iceberg.
