We should bail out the people in need -- not the ailing banks
Experts say it's unworkable to give individual citizens a credit boost but it can't be any more insane than the current plan, says Carol Hunt
Last week, I heard a smart, rational, simple proposal highlighted on The Pat Kenny Show. A caller drew attention to a letter that had appeared in the Irish Independent concerning our current banking, mortgage and financial crisis. The proposal was one I was well aware of, indeed, I thought I'd come up with the concept myself until I heard other like-minded lost souls mutter it under their breaths.
Okay, it was one of those ideas that sound completely daft initially -- but when you actually pull it apart and examine it, you realise that it's only your own conditioning, your pre-conceptions if you like, that prevents you from seeing its logical beauty.
There was a big problem with it, however -- this solution was so bleeding, blindingly obvious that there must be a fatal flaw within it. Otherwise, it would already have been implemented, right?