Not having a homeless crisis is far more important than protecting rentiers. Just throw them under the bus.
They are not actually doing anything anyhow.
Is this a serious comment or are you trolling?
Forget about a recession, the devastation a policy like this would cause would plunge the US into a full blown depression. Deflation and asset price collapse across the board. YEARS of stagnation.
(To me) the answer here seems clear: A direct bailout in the form of $ to consumers and some mix of direct $ and tax credits to businesses.
Ah "cancel all debts to people not banks". Great idea, but emm. OK so the bank now doesn't have the assets on it's books, goes bankrupt can't pay you that money in your savings account.
"cancel all debts to people not banks, and let the government bail out those banks". Great Idea, but.... something something hyperinflation.
etc.
