Sen. Charles Schumer plans to offer a broad economic proposal for the government to offer a financial lifeline to those banks that are willing to renegotiate mortgages for those on the brink of losing their homes. . . .Isn't this more of trying to rewrite the rules of economics to buy votes?
Under Schumer's model, the government would give capital infusions or loans to banks . . .
In return, the banks would lift objections to legislation allowing loan modification for homeowners in bankruptcy . . .
Schumer's plan is an alternative to another proposal in Congress to create a federal agency to buy up bank debt, shifting potential losses onto U.S. taxpayers.Instead of shifting losses onto US taxpayers, Mr. Schumer would shift losses onto anyone owning dollars . . . by printing more money and making the dollar worthless. Of course, no one even thinks of NOT shifting losses from those banks and borrowers who caused the mess.
Debtors get rewarded . . . Savers get punished.
Isn't this more of what got us into the economic mess that we are in?
Thank you, Mr. Schumer for being so "out in the open" on this. . . Now we know who to blame when everything collapses.