[lbo-talk] Jon Stewart's bailout idea

Charles Brown cdb1003 at prodigy.net
Fri Jan 30 07:08:00 PST 2009


--- On Fri, 1/30/09, Shane Mage <shmage at pipeline.com> wrote:

From: Shane Mage <shmage at pipeline.com> Subject: Re: [lbo-talk] Jon Stewart's bailout idea To: lbo-talk at lbo-talk.org Date: Friday, January 30, 2009, 2:35 PM

On Jan 30, 2009, at 2:40 AM, JC Helary wrote:


> On vendredi 30 janv. 09, at 01:52, Jordan Hayes wrote:
>
>> Instead of giving the money to the banks directly, give it to The
People, with strict provisions to use it to pay down their debts ... to the banks. So the banks get the money anyway, but at least our credit cards and mortgages are back to zero. Also, this makes a lot of "toxic" stuff a lot less toxic.
>>
>> Genius :-)CB: Julio proposed this about 4 months ago. raghu and I proposed it about 8 months ago on PEN-L.
>
> Wasn't that pretty obvious from the beginning ?
>
> How come nobody in the House has started fighting to get that ?

Ever since Solon showed it could be done, abolition of debts has been the #1 nightmare of the ruling class (ever since the Gracchi an "Agrarian Law" has been the #2 nightmare). That was the charge by which Cicero convinced the Senate (except Caesar) to murder Catalina and his friends. It is the text and the subtext of the Federalist Papers. Nothing could be more unAmerican (ie., uncapitalist). But since it has to be done, and the politicians will never do it, the people will just have to accomplish it in the do-it-yourself way.

Shane Mage


> This cosmos did none of gods or men make, but it
> always was and is and shall be: an everlasting fire,
> kindling in measures and going out in measures."
>
> Herakleitos of Ephesos

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