On Jan 19, 2012, at 10:47 AM, Jordan Hayes wrote:
> Wait, you're talking about cancelling all assets? I thought we were talking about debt? Household debt was more like $11.5T as of 2Q11? Housing was $8.5T of that, so there's "only" about $3T of unsecured debt.
>
> I still say what needs to happen is greater access to refinancing. That would also incur a hit to bank profits, but it ought to be more orderly -- and frankly, fair.
Writeoffs are completely sane and therapeutic. I'm talking jubilee.