September 13, 2011
Oh we'll all go together when we go!
You want to fix this economic crisis? You want to put people back to work? You want to light a fire under the economy? There’s a way to do it. Fast. And relatively simple. But you’re not going to like it. You’re not going to like it at all. Default. A national Chapter 11 bankruptcy. The fastest way to fix this mess is to see tens of millions of homeowners default on their mortgages and other debts, and millions more file for bankruptcy.
Posted by Vanderleun at September 13, 2011 9:49 PM. This is an entry on the sideblog of American Digest: Check it out.
I agree. Let's default on our taxes. It will be tough to get blood from a rock. I predict firing squads and nooses will be the response from our Big Brother.
Posted by: Jewel at September 14, 2011 2:34 AM
One would think so, except they'll have to figure out how to coerce and then pay the shootists.
When that amount of money is pulled out of banks overnight, other countries tend to see this Country as the United States of Madoff.
Things tends to seize up rapidly; this is not to say some blood won't flow. 360M to 537 are terrible odds if you get my drift.
Posted by: Peccable at September 14, 2011 4:08 AM
Not. Gonna. Happen. They won't let it. Why?
Because the big money guys who hold the notes would loose money on the deal, and we can't be cutting into their profits.
The leash would be yanked good and hard if it looked like the default might happen.
Posted by: ed in texas at September 14, 2011 6:01 AM
You just aren't imaginitive enough, ed.
Posted by: Jewel at September 14, 2011 6:04 AM
Many are simply not paying their mortgages now. I know this is what is happening in my area, overpriced transplant-hell. We are beyond default. But what comes next? Because this fucking limbo is starting to drive people mad.
Posted by: RedCarolina at September 14, 2011 7:10 AM
I just paid $1.10 for a $1.00 sandwich at McDonalds. That is to say, I gave a nebulous "they" 1/10 of my available cash for the honor of choking down a mediocre sandwich for my lunch. And I had to stand in line to do it.
I believe out of several hundred served within the 30 minutes or so I was there, I might have been the only person who noticed that I am no longer a free man. Its not 3%, its not 2%, I dont think it is even 1% of the people out there who are mad enough to default on anything.
As bad as we think it is here, economically I mean, everywhere else it is worse. As in debt as we are, there is no where else to go. This is it.
So we are left with.. the status quo, or an unnamed alternative. Just some thoughts.
Posted by: Bill Henry at September 14, 2011 8:45 AM
Germany defaulted in the 1920's, and was the first out of the depression. There was one reason the depression of 1930 lasted beyond two years--we refused to let it take its natural course in vaporizing foolishness. Nothing has changed for the better. It may be that several more grinding years will change enough perceptions to do that. Jews in Queens just voted for a Tea-Party conservative. Next step, "conservatives" have to learn what that means or their function in life continues as re-engineering liberal square pegs into round. You they bitch, Mitch.
Posted by: james wilson at September 14, 2011 9:10 AM
"Germany...was the first out of the Depression."
Yep, and if Hitler had died in 1935, he'd probably
be seen as a national savior today. Sad but true.
Posted by: GaGator at September 14, 2011 10:07 AM
Hitler didn't. We can only deal with this reality. There is no Alternative Universe. FDR screwed the pooch, like it or not.
Obama dealt the cards. Take a look at the hand, then look at the way the job market is going. Do you speak Mandarin?
If you are sitting around with your money tied up in USD, those can be declared A) worthless, B)25¢ on the dollar, C)convertible to Pesos or D)turned in for inflated Newdollars.
Why do you think Warren lent BofA all that money instead of buying stock.
Posted by: Peccable at September 14, 2011 11:14 AM
Current efforts by the Keynesian crowd will only succeed in postponing the inevitable fall. These same efforts will ultimately increase the severity of our crash.
Posted by: Roger Drew Williams at September 14, 2011 12:05 PM
Roger Et.al. am I wrong that all of you are remiss for not buying some metals AND took possession to backstop your financial positions?
Silliness if you left yourselves naked.
Posted by: Peccable at September 14, 2011 3:52 PM
I'm buying copper, lead, brass, and steel.
Posted by: Dave at September 16, 2011 2:41 PM