In the Phillipines there's a saying, "At a distance none that appear well smell bad." From a distance, we see few details. Fish, women, currencies...soon all will be for sale at a discount.
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Also, the current character of much commercial build-out (that's vacant) is obsolete...it requires massive reconfig to adopt to the newer tech businesses that will revacate the new infrastructures.
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There's an old Chinese saying, "He who owes is King." The fact is, so much of the debt you list will ultimately need to be charged off. As with many of the formal unfunded liabilities...they'll need to be discounted. So, in terms of discounting to net present values...the actual numbers are much less. FYI;-)
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"Those who become collaterally unemployed through no fault of their own..." I'm not sure the press has really examined fully the nature of current unemployment and the decline in real wages. Are you suggesting it's time for an industrial policy?
"...I would personally prefer they try a process which allows these firms to fail whereby equity and debt holders suffer consequences that are consistent with taking market risk." This has been a lingering, enduring problem--the super-rich ownership class didn't want to take the hit. They wanted to be bailed out. Consider the folks that were ripped off by Madoff--they want the SEC's negligence to be deemed a liability so that they can be compensated, aka "bailed out."
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So, in terms of discounting to net present values...the actual numbers are much less. FYI;-)
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