credit crunch solution - massive expansion in council housing

Governments all over the wanton world are buying up 'toxic' debt which is resulting in the state owning hundreds of thousands of houses and flats occupied by people who can not afford to pay the mortgages. These people are council tenants in all but name so why not just make it official. They can 'part own' what they have already paid for and pay rent on the rest to cover costs including maintenance. As council tenants they have the 'right to buy' in the unlikely event they ever want to, unless someone like Maggie Thatcher persuades them. At a stroke millions of people would be considerably better off in financial terms and released from being wage slaves to the banks .... they will all vote for who ever does this and return to being on an endless spending spree regardless of the consequences, which will enable the banks to start ripping everyone off again, so everything will be back to normal, including increasing asthma for children etc etc

They have almost got the idea in France where the government plans to buy 30,000 houses which have not even been built yet.

• Council house rots as 14,000 more needed.

• In the USA more than 4 million homes are at serious risk of foreclosure according to mish's global economic trends who still hates the French idea on principle.