All very tongue in cheek of course though I do think there is some merit. 900 billion in personal credit card debt is wiped out by the government printing press and anyone who doesn't have any credit card debt gets a $10,000 tax credit. This makes everyone happy. Consumers, credit card companies, retailers. The moral hazard is the clear obstacle but we are already destroying the dollar so why not?
Better than the thievery that will happen with the Obama stimulus plan. Let the people have it, rather than politicians, sounds better to me.
Yeh, but give it to those with no debt and/or up to date on their loans with no BANKRUPTCIES. Appears they're the only ones responsible with MONEY??? Will spend it wisely, and create a sustainable growth.
I thought the same thing, sure it's very careless, but not any more than the bailout. With the credit cards being paid out, the banks would instantly find themselves with 1 trillion in capital. The only reason it didn't happen is maybe that the credit card fees are excellent long term earnings since their holders are now "paying them down" over the next 20 years of their life.
Nah, just give every adult in the US with an SS# 1 Million USD. The only proviso is that's it. No more money, ever. Game over. No SS, no state welfare, ever. Gone. Let those who will succeed, succeed. The rest are going to fail no matter what's given them.
Good point at what point does being a creditor fail to have value and would rather not go bankrupt and just get paid off with printed money? Like hitting the reset button, no?
Screw that. I don't have any credit card debt, and printing up a trillion dollars or whatever will harm my savings account more than receiving the massively diluted $10k. Propose a solution that benefits ME, and I'll post rave reviews of the idea... well, wait... I could charge the rest of my mortgage and student loans to credit cards (although I'd have to open a few more accounts). Once I've done that I fully support your idea. brilliant!
govt printing money and giving to everybody even a 8 year old kid can come up with this solution and these guys are from ivy league? what am I missing here? Is this all what they come up with?