I think that fundamentally what I'm trying to criticize, is the original proposal shifted all the burden from one class of people to another class. And then assumed that the problem just goes away, without having to do anything expensive like the government providing emergency funding. But its not that simple - its not like debt holders can neccesarily just take the hit. They have things they need money for. They have people they employ who need to get paid. Sure, there is a certain amount of a hit that can be taken - but ultimately money has to come from somewhere or your just shifting which class of people are totally screwed by this, which doesnt solve anything.