Quote:
Originally Posted by sebastian_dangerfield
James Galbraith, Professor of government at the University of Texas:
There will be a vast tangle of unpaid debts that cannot be cleared, and—what is different from 2008 and 2009—the model of foreclosures, evictions, and repossessions to deal with them is going to be absolutely unacceptable. People sheltering at home without income are in no way responsible for their circumstances and will refuse to accept the terms of those contracts. So the contracts will have to be suspended, and the debts cleared away, or there will be a confrontation on a vast scale. This is similar to the farm foreclosure confrontations of the 1890s and 1930s in this country, but on a much larger scale, and in many cases urban and suburban. The right model is that of the treatment of inter-allied war debts after World War II: They were canceled, because dealing with the common enemy was a common effort. So the whole financial system will have to be reset. This is not an ideological point but a practical necessity for reestablishing a functioning economic system.
https://www.bloomberg.com/features/2...r-coronavirus/ |
This stuff lasts for generations. Near our ranch, there's a family that owns tons of the land around us. The family ran the general store back in the 20s. The land was acquired as payment for debt to the store during the Depression.
Fast forward 90 years, and the shale boom hits. Oil wells start popping up all over the county. And back in the 20s, no one knew to hold on to mineral rights. So now this family is raking it in (they started drilling last year, before the nose dive in oil prices).
I like the family. Nice people. They do good for the community. But their good fortune is just that: being in the right place at the right time.
