Econintersect: Michael David White is a well known real estate and mortgage market analyst. White has just released a revolutionary summary of the path to solving the global financial crisis through his website, HousingStory.net.
White has determined that the solution reduces to simply returning to a sane bankruptcy process that forces creditors, who have entered into imprudent leverage with creditors who do not have the assets to repay debt, to accept what assets remain and write off the rest. An info graphic containing three charts that tell the entire story. Continue after the Read more . . . jump to see the info graphic.
Here is the info graphic:
Editor’s note: Yes, pension funds, mom and pop investors and other Main Street folks will lose money on this deal, but so will the financial oligarchy that created this mess. As things have proceeded to date, the Main Street investors have been accumulating their losses but oligarchy has not been getting hit. It’s time to recognize, as economist Michael Hudson has often stated: Debts that cannot be repaid, will not be repaid.