Forums

[sebastian_dangerfield]

We are going to need to shut everything down asap to address this thing as needed.

To avoid economic carnage that might ensue, we will need a national moratorium on debt obligations for 60 days.

No mortgage, lease, or other business or consumer debt enforcement.
No assessment of fees, penalties, etc.
No reporting of delinquencies occurring in next 60 days.

I do not trust people to universally do this on their own. There are predators out there already seeking to profit off this. And it does no one any good if creditors en masse will have borrowers over a barrel coming out of this crisis. It does no one any good if half the country's credit becomes fucked, which it will, as paychecks will disappear and defaults on consumer loans will spike.

This can and needs to be done. Because from what I'm seeing, we need to close everything, and do it now, and do it for a period of at least about two weeks.

I proposed this a few days back but didn't see immediate urgency. Given what the Fed did last night, I am now convinced that the people in charge of managing this are actually worsening it. They are looking at it as an economic crisis rather than a health crisis causing economic problems.

In short, they don't seem to have a plan. Nobody with a plan, or any strategy, would repeat an action which had just cratered the market a week prior. It reeks of desperation and inexperience.

Maybe you agree with me that we need a 60 day national forbearance on debts and leases. Or maybe you think I'm nuts. Maybe you think its unconstitutional. And perhaps that's true. Or maybe you think it's impossible, which is not true. But who's going to challenge it? So if you do agree, circulate the idea. Send it to a representative or Senator.