Here come the caveats. In a general sense, as long as we're in the mood to reward certain groups, we have a question. Who deserves a bailout?
I'll take a stab at an answer: a select group of student-loan debtors and an equally select group with staggering health-care debt. Social workers, non-profit employees, teachers, nurses and home-health care employees (and others?) would all qualify. Wipe it away and watch them spend. Individual health care debt is another daunting problem for millions of families. The Feds can make it disappear with a few checks. Problem solved and millions are unleashed anew to consume mightily.
Sure, it's simplistic. And we understand the inherent injustice in bailing out anyone at the exclusion of others. But we would rather help these folks than the over-leveraged, bonus-chasing bastards of Wall Street. And so it was with interest that I read yesterday that while the Money Store remains open to inglorious banksters and failed automotive asshats, it is shutting down quickly for teachers and social workers. Nice. Our various governments are an embarrassment.
Here's the piece from Jonathon Glater of the New York Times.