If we are to save homeowners, should not we first define the term ‘homeowner?’ Perhaps it is not only someone who agreed to and signed a mortgage and is living in a house. Just perhaps, it should also include the stipulation that this individual paid some amount of a down payment: 20%, 5%, a dollar. I can tell you who is not a homeowner. It is not someone who paid zero down and ridiculously low payments for two years; that, my friend, is a renter.
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| — | Frank Beck, in Dollar Devaluation To Fix The Great Recession. The article is spooky, recommending inflation as the solution to all our problems. Way to reward debtors and punish savers. I do like the quote because it shows how arbitrary our rescue efforts are. Where do you draw the line? |
