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Mian and Sufi show negative effects of the lack of a comprehensive plan that included homeowner rescue of the Obama-Bernanke Financial Rescue in 2008-2011
04/15/2009
Professors at Princeton and the University of Chicago have demonstrated through their research that the lack of a comprehensive plan providing siginificant efforts to help homeowners has hurt the U.S. economy in the long run and delayed a recovery. With the middle class already reeling under one trillion dollars of student debt, high unemployment, stagnant wages, and retirees facing interest rates near zero, a weakened middle class was further affected by the lack of strong efforts on the homeowner side to balance aid to banks. This makes a consumer driven recovery that much more difficult and prolongs the pain.
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