This is an excellent point by Schiff when discussing the bailout of mortgages.
In fact, one reason some homeowners have such large mortgages is that they consolidated their credit card debts into their mortgages each time they refinanced. Why should renters be forced to pay off their credit card debts while homeowners have theirs forgiven?
His logic starts with the upcoming implosion of the credit card debt market. This is one of the next shoes to drop and if you bailout mortgages, why not credit cards? If the forgiven part of a mortgage was consolidted unsecured debt, what's the difference. Touche to Peter for that astute comment.
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