1. I started law school when I was 35 in 1987 after being an actor who was a lousy waiter and became Hotel manager. The 1987 crash convinced me of two things. Stock market was a rigged casino & if I became a Bankruptcy lawyer I could make a living after a crash.
2. How I'd save the world.
Get cash to individuals who need it. Ask landlords to be patient. More later.
Okay lefties, you're not going to like it but you have to start with the Banks. I'd use the Fed and @USTreasury to buy a ton of bonds. Not just pour in more liquidity.
Get cash to individuals who need it. Ask landlords to be patient. More later.
Okay lefties, you're not going to like it but you have to start with the Banks. I'd use the Fed and @USTreasury to buy a ton of bonds. Not just pour in more liquidity.
3. By buying the bonds the USA gets in first place in every Bankruptcy that is controlled by obligations that are tied to the bond securities the banks hold. Make forbearance the new US motto.
4. We have a professional system to do this. But the USA has to be the big dog in every big Bankruptcy case. If the USA owns the bonds then we can reorganize without wiping out the equity that occurs in most Bankruptcy case. Saves folks' 401Ks.
5. Imagine the Dow closing at 0.
If we own the bonds and make clear we have a fix, much of the bleeding in equities will stop and markets can recover.
On landlords, we should have each state organize a system to fund but there should be no vacancies. Everyone off the street
If we own the bonds and make clear we have a fix, much of the bleeding in equities will stop and markets can recover.
On landlords, we should have each state organize a system to fund but there should be no vacancies. Everyone off the street
6. Use this disaster to fix our defects. Put people to work building transitional housing and get going on more rental units. Get RET's to work out a plan to keep people in their homes and businesses. With takings power we have pretty good leverage.
Got lemons? Make lemonade. 😎
Got lemons? Make lemonade. 😎
