Well step one was a good one, but where are the alternatives. Just saying “No” is not easy but not mind-bending also. So how to get out that mess. I strongly suggest to discuss drastic steps. At first it must be stated clearly who has gained most during this bubble. That were in fact quite a few but in the end it “stranded” in the hand of the very rich. They got much reacher, than ever before. The money taken out by incompentent Middle , upper and highest management was way out of line. So
if you follow that, thos who have gained the most should not be taken and “give” back. The proposal of Senator Sanders would be one alternative.
Howerver everyone taking part in this Monopoly, should take their share. So this means also those having loans they could not afford, have to feel this. But also those whow have sold them this “credits”. They must have seen that many can not affort it. So get to them and let them pay also.
Then you need an “american” solution. It’s clear that you can not go the chinese way or maybe even some “european” way. Especially in Germany and France the politics stil have way too much to say and decide. So you can not just go and b(f)ailout everyone. The LB way is harsh but they have taken their chance and they loosed. However the only thing you should concentrate on is letting those not having spend in this monopoly their money. So you must not look after foul credits but those “savings” people have done. If they spend it in falling bank, well that’s bad luck, every investement can to wrong. Not every idea turns out to have some value, failure must be allowed. I’m aware the line between failure and deception is a very thin one. But betting on ever growing hous prices is way beyond failure it’s deception.
So what other things can you do. Obviously you need not worry to much about Wall Street, they have had their fun, now let them having their hangover. See how much decption was there and you’ll cover quite a mass of the losses. But now what’s left for the Governement. The answer is :
Spend money on your infra-structure, spend money on your people. As everyone knows the infrastructure is terribly wrotten, this was money spend ages ago, but then let down by givign them away. Take them back and build them anew. Ten thousands of bridges are wrotten, the streets are bumpy. Then start getting away from oil, see that you get a functioning railroad and get a functionaing local traffic system. Do encourage people to go by bike, or maybe scooter. You space is sparse, you can not affort just let it be used up by 3 tons of metal. Spend money on education, teach children and grown-ups. Make it’s your primary task to get rid of debts instead of piling layers of debts over other layers of debt. Just imagine you hadn’t all the debt, how much could you spare. All the interest could be not just be to whomever owns the stuff (which you’ve spread all over the world) but things which.
Do start on a sustainable economy. You can not use the whole world as your “money lender”, someday you’ve to pay back, Ask yourself if the billions spend on unsustainalbe stuff really makes any thing better? Get rid of your enormous spendings on weapons, defense against weapons. Forget your star-wars. Spend on thing preserving life, not on things destroying it..
Get back to “civilized” manners, All Guantamos and “other” ways of torture must driven back. Those having initiated that must take the responsbility and it would not harm them to see jail from the inside.
So use this breakdown, and don’t repeat your former errors.
If you’re willing to spend 700 Mrd then do it with horse sense.
Stand up take the banner for freedom and democracy. Say no to dictatorship, say no do torture simply learn to say not to quite a few other things. Stand up now or … fail