To solve the Bear Stearns issue we should find everyone in that investment bank with a salary over $100,000. Granted this is an arbitrary number, but this will be our deciding line of guilt. All those people are on some level guilty of the crime of sub-prime loans on mortgages. We should then take all these people and by virtue of the power of the United States government, force them all into bankruptcy. They lose all their assets. This is their punishment for ruining the lives of millions of Americans.
Sounds like patriotic justice to me. The Federal government then uses that money to bail out the mortgages that are close to foreclosure because it is not the fault of the homeowner that they can't pay a mortgage that they should never have been approved for. Why won't this happen? Because the high level employees, shareholders, and executives at places like Bear Stearns run the world. If we punish one of their own for being so greedy and so selfish that they need the government's help to bail them out, they will unleash their ungodly fury on us, and we will be turned to dust. For however ugly it may feel, money runs the world. These people may lack in a lot of respects, but money is not one of them.
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I am sympathetic to the desire to help out people who are really suffering due to taking on loans they didn't realize they couldn't afford. However, if the US government were to set a precedent for punishing a private lender in this way, do you think that lenders in the United States would ever be willing to give substantial loans to poor people again?
The subprime mortgage crisis is a really complicated issue and I'm not sure that it can be solved merely through punitive measures and redistribution.
-Howie
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