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So?
Yeah. People stop asking for loans they can't pay for....:roll:
No, loans need to be legal. Without that ability we'd be marxists, it seems like a dumb overreaction to the current crisis.
I agree with Hatuey completely, if someone, or some business, bites off more than they can chew then **** 'em. That said, the new bankruptcy laws are BS and need to be reformed, along with more investigation and regulation by the govt in the whole financial sector.
I'm sure that preventing borrowing for household consumption is a sensible way to decrease the extent of consumerism.
But households shouldn't even be allowed to borrow for investment?
Now that's a great idea if you prefer:
- underinvestment in education, health care and housing
- a lower standard of living for all but a select few
- higher inequality
Maybe someone with a better understanding of economics could correct me if I'm wrong.
No, loans should not be illegal. If house values plummet, I will still owe the bank for my house that wouldn't be worth half of what I still owe. It's a selfish point of view, yes. :mrgreen:
... Why should people be able to loan their way to afford things they cannot afford? And why should this practice again make other people unable to afford what they really should afford without taking a loan?
Very interesting...I believe many things would be far better off if we could go back in time and outlaw any form of credit....
Borrowing/lending money is a responsibility; the primary cause of todays depression is that both parties abdicated their responsibility.
Our Congress may have passed laws making credit easier....too easy for too many....
I love this analogy, I have been using the words "ponzi scheme" in my conversations lately about this financial collapse. Although it is a bit different in exact mechanism, it behaves similarly....
You know what should be illegal?
Banks taking FED bail-out funds and not using them to loan or stimulate businesses or qualified borrowers. Using instead the same funds to shore up their own solvency.]
I kind of like this analogy...I think a persons success should be rated on how much debt they can acquire and not pay back... before they move on to the next life
What happens after every depression....WAR!
We already got that in the Middle East.
What the hell are you talking about? :screwy
Loans and credit are absolutely necessary to the perpetuation of this system, so no, they will never be illegal.
Congress has not only made it too easy. The really bad part is they MANDATED banks to provide loans to irresponsible people who nearly always default.
Can this be true ?PHP:Congress has not only made it too easy. The really bad part is they MANDATED banks to provide loans to irresponsible people who nearly always default.
It seems to be so absurd.
IMO, Congress cannot do this, not as it is written....
If so, any Congressional Investigation would back-fire and the Representatives would have to resign in disgrace...all of them.....
What is this? "Come up with new and interesting ways to make the entire global economy utterly and completely collapse" day?
You and me just dont fit at all.. It seems you misunderstand ANYTHING and EVERYTHING I say
Couldn't agree more.The solution is simple. DON'T bail them out.
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