[Marxism] Campaign for a NO on bailout?

[bauerly@xxxxxxxx]

"I don't think the bailouts and so on should be the axis of what we talk
about. Instead, I would make the pitch for a moratorium on foreclosures,
evictions and so on.

Joaquin"

A moratorium on foreclosures and evictions would not really solve either the
toxic credit problem that is paralyzing the short term markets or help those
who are in homes that now have negative equity.  The last thing leftists should
be pushing for is some plan to help keep people in homes that are worth less
than they paid for, or will be paying for over the next 30 years.  This will
only create more downward pressure on the working class to work harder to stay
in their homes.

That is why I said this: "What about the government buying the failing mortgages
with a 1/2 trillion dollars and not giving it to those who have already
squandered the next 20 years of prosperity?"

Or better yet let the Feds take over the mortgages through the nationalized
Freddie and Fannie, and either help people to stay in their homes by
refinancing at a gov't subsidized rate (think student loans and pell grants for
homes) or let the feds get in the home rental biz.  This would also solve the
problem of toxic MBS's.  However, I feel that the problem is much bigger than
this.  The sub prime mortgage is probably just the excuse for the same types of
financial devices that are rampant in the financial world.  In which case a call
for the fed to buy the MBS's might expose to the public the deeper level of the
problem.

Brad

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