As for private debt being reduced to zero, wouldn't that require a drop in housing prices by something like 90% so one could just buy a house without a bank loan?
Which would, in my mind, be a Good Thing. At the very worst, we should be decreasing housing prices down to 2x or 2x annual income, which would put mortgages back in the 5-year or 10-year range rather than 30-year.
A normal family taking out a mortgage to buy a house should be able to look forward to paying off their mortgage.
Which would, in my mind, be a Good Thing. At the very worst, we should be decreasing housing prices down to 2x or 2x annual income, which would put mortgages back in the 5-year or 10-year range rather than 30-year.
A normal family taking out a mortgage to buy a house should be able to look forward to paying off their mortgage.