Today's reader who will get a question answered is Cheryl, who asked the following on Facebook:
I heard you remark recently that Obama's big(gest) failure was not proposing/enacting a solution to the mortgage crisis. I agree that mortgage debt is at the root of the nation's fiscal crisis. But, what would you propose that the President do? I've looked high and low and have yet to find a sound proposal.
The answer is: we need inflation. Inflation achieves an across-the-board reduction of debt burdens, compounding year over year. Over 4 years, very moderate inflation could reduce the burden of debt by some 15% across the board. There's no need for administrators, adjudicators, panels, or hearings. Combined with state-level programs of relief for the very hardest cases, this seems to me the fastest and most effective solution. It's not perfect justice, but it's better to have less perfect justice that arrives faster.
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