Dr. Doom: Recession Will Probably Last 36 Months - Economy * US * News * Story - CNBC.com: "So what can the government do? The easy part is lowering interest rates and buying toxic assets. The hard part, he says, will be tackling housing. Roubini says that the housing market, like a company restructuring in bankruptcy, needs to have 'face value reduction of the debt.' Rather than go through mortgages one by one, he says reduction has to be 'across the board...break every mortgage contract.'"
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He also wants to nationalize the banks. And he says the Dow may drop to 5000.
1 comment:
How about setting a cap on credit card interest rates? These things have been beyond usurious for quite some time and are long due for reform. What consumer can pay a 30+% interest rate or a prime + 28% rate? Cap them at 12% and see what that frees up.
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