Tuesday, September 30, 2008

The right of eminent domain

Congress should make a list of individuals who are most responsible for this financial crisis (Franklin Raines, Jim Johnson, etc). Then through the right of eminent domain, they should seize all of their property. After taking their property, they should use it to purchase the illiquid assets that are causing the credit crunch. Then, they should give these illiquid assets back to the individuals who had their property seized.

Actually, congress probably should not do this, but it would be awesome if they did.