>Since your plan has little chance of adoption under the present
>political circs, let's talk utopias for a moment. Your scheme would
>help out debtors, but not really change the institutional structure
>or the preposterous fetishization of homeownership - in fact, it'd
>reinforce the latter. A bailout of the financial institutions with
>lots of strings attached (remember I said this was utopian) at least
>offers the possibility of creating new instituions - public and/or
>regulated-like-a-utility private.
Why should anyone who is anticapitalist or who exists outside of the ownership of capital want to rebuild the financial system for capitalists? Let 'em rebuild their own damned financial institutions. This sounds like you're replacing a fetish for homeownership with a fetish for the *partial* socialization of capital. What a dreadful utopia that is.
Why not just let them take care of their own mess? (That's a serious question.)