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...owns the banks. They continue to do business as usual, but their balance sheets become, in essence, the balance sheet of the Treasury. In theory, as time passes and the banks become profitable, those profits go back to the government and pass though to citizens in the form of lower taxes. The banks may also end up being sold back into the private enterprise system bringing the government an even better return...
...also true that the banks will probably want to discriminate: Why should they lower the principal on "good" mortgages? Why not just on those that are most likely to be foreclosed on? Thanks to the way the debts have been bundled and then cut into tranches, the good have been rolled together with the bad, and specialized renegotiation is easier said than done. That is why banks have not already renegotiated loans on a large scale. But with the government's pressure, lowering the remaining principal on every mortgage could easily become a reality...
...trouble comes when speed - or worse, the angle - of orbit changes. Things in higher orbits move more slowly than things in lower ones. A dead satellite or one that has lost gyroscopic control could go tumbling down to lower and lower orbits, colliding with objects moving at different speeds along the way. Similarly, the International Space Station and its three astronauts do, in theory, lie in the path of the debris created by Tuesday's collision, and while international space officials believe the danger to the crew is low, they do not rule...
...divorcee paying alimony when I was induced to send flowers to an ex-girlfriend just so she wouldn’t be lonely that day. I now recognize the beast beneath the glitter and have come to a realization. If you take the day just as any other, with lower expectations, you’ll have no reason to stress, whether you’re single or hooked...
...following years, Chávez has worked within the system and eventually accessed power democratically in 1998, mainly supported by the urban lower classes. During his decade in power, he has made Venezuela a stronghold of anti-Americanism and political radicalism. A visionary critic of the Washington Consensus, he initially pledged to end Venezuelan inequality. After nationalizing oil contracts in the country and forcing out foreign investors, he has used the money for lavish projects in Venezuela that have bought him unprecedented support...