Comments on: Am I missing something here? http://www.johnband.org/blog/2008/02/19/am-i-missing-something-here/ The idle musings of John B Mon, 02 Jan 2012 17:27:31 +0000 http://wordpress.org/?v= hourly 1 By: Jim Bliss http://www.johnband.org/blog/2008/02/19/am-i-missing-something-here/comment-page-1/#comment-29304 Jim Bliss Wed, 20 Feb 2008 21:01:28 +0000 http://www.johnband.org/blog/2008/02/19/am-i-missing-something-here/#comment-29304 Very good point. Perhaps some kind of "personal savings" package could be set up for those who suffer hardship as a result of the debt right-off. In truth, I guess it may be impossible to carry out that kind of large-scale financial restructuring in isolation. It probably requires nationalising the entire financial sector. But given that my initial proposal was always going to be the thin-end of that anti-capitalist wedge I've been looking to deploy, I'm not too unhappy about that. Very good point.

Perhaps some kind of “personal savings” package could be set up for those who suffer hardship as a result of the debt right-off.

In truth, I guess it may be impossible to carry out that kind of large-scale financial restructuring in isolation. It probably requires nationalising the entire financial sector. But given that my initial proposal was always going to be the thin-end of that anti-capitalist wedge I’ve been looking to deploy, I’m not too unhappy about that.

]]> By: John B http://www.johnband.org/blog/2008/02/19/am-i-missing-something-here/comment-page-1/#comment-29300 John B Wed, 20 Feb 2008 20:35:11 +0000 http://www.johnband.org/blog/2008/02/19/am-i-missing-something-here/#comment-29300 Might be a bit shitty for Edna and Bert Creditor, 75, of South Shields, who're owed the £100k of life savings they lodged in their Northern Rock account. Might be a bit shitty for Edna and Bert Creditor, 75, of South Shields, who’re owed the £100k of life savings they lodged in their Northern Rock account.

]]> By: Jim Bliss http://www.johnband.org/blog/2008/02/19/am-i-missing-something-here/comment-page-1/#comment-29283 Jim Bliss Wed, 20 Feb 2008 15:18:44 +0000 http://www.johnband.org/blog/2008/02/19/am-i-missing-something-here/#comment-29283 I think Northern Rock should be dissolved, the mortgages should be written off, and the creditors told to take a hike. Any creditor who disagrees should face a windfall tax equal to the amount owed to them by Northern Rock, which the government will then kindly waive. No more Northern Rock. Lots of happy individuals without massive mortgage debt (exactly the kind of people who can help keep the economy afloat during a downturn, with their sudden ability to spend lots of their wage packet without worrying about losing their home). And plenty of pissed off economists. In other words... it's perfect. I think Northern Rock should be dissolved, the mortgages should be written off, and the creditors told to take a hike. Any creditor who disagrees should face a windfall tax equal to the amount owed to them by Northern Rock, which the government will then kindly waive.

No more Northern Rock. Lots of happy individuals without massive mortgage debt (exactly the kind of people who can help keep the economy afloat during a downturn, with their sudden ability to spend lots of their wage packet without worrying about losing their home). And plenty of pissed off economists.

In other words… it’s perfect.

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