Posted on 12/10/2008 3:47:45 PM PST by publius321
CEOs and hedge fund managers didn't create the CRA. They didn't leave interest rates too low for too long. They only figured out how to turn those 2 bad ideas into money (for a while).
Of course, I could be persuaded into signing on to such a deal after calculating what that 4.5% rate of interest would save me over the remainder of my loan period. Can I get that rate on a HELOC too?
Absolutely bring back debtor’s prison. I have said this for years. Unfortunately in our thumbsucking culture of bedwetters, this will never happen. But it should.
Well one things for sure, we can tell all the people who are in serious debt around here by the way they don’t like the idea of punishing those who renege on contracts that they enter in to.
So why even have contracts then? Lets just join the Liberal mentality that people are not responsible and its always the fault of some else other than the debtor who entered into a legal contract to borrow money from others, others who are now getting screwed and possibly put out of business because some people feel they shouldn’t have to pay back money they borrowed in any sort of a timely manner.
That’s the Bill Clinton excuse. “She “enticed” me, its all her fault, I had no self control”. Riiight....
Why not declare that if any person feels they don’t have to pay back any loan, they can just declare it and not have to. Yeah, that would really work.
Whoa. Help me out here, I can get a woman to have sex with me in exchange for a low interest rate? Where do I sign up?
heh heh, Easy, ever been to Amsterdam? Heck how about Nevada! Bangkok? (ok lets hear your favorites, Angeles City, PI?) Heck, just get married, same thing ain’t it? (JK ladies!)
My house is paid off, I owe $2500 on one of my cars, about 75 bucks on one of my CC. I think the premise of a debtors prison its a dumb idea (especially the title) which serves only to reinforces the ignorant media stereotype of a conservative. Some people are deadbeats yes, but some people simply lose their job, one wage earner dies, a catastrophic illness ect. A debtors prison? Posting crap like this (especially during this time of the year) is suspicious to me.
In Amsterdam, Nevada, or Bangkok I can get a woman to have sex with me and place her under house arrest if I’m not satisfied?
Well, based on your description, you would not be a candidate for a DP (that’s Debtors Prison).
This would be for people who rack up a huge amount of credit, get all the toys they want then declare bankruptcy etc. (I know people who have done that, and lost all respect for them) or their credit history shows they lived irresponsibly far above their means. And no “house arrest” either!
But those oppose to holding people who renege on their loans have nothing to fear, this nation rarely holds people accountable any more and that is why we are crashing and burning like Rome.
Naw, “House Arrest” is stupid. Should be something harsher. People who sign contracts and borrow money on those contracts should have to honor them, otherwise the whole concept of contracts should be tossed and then Capitalism would basically be destroyed as one of the foundations of Capitalism is contract law. That’s a big part of this financial mess, people living far above their means and then lose a job and can’t pay any of it back and expect everyone else to bail them out. Dumb Idea.
So, unless you plan on rewriting the UCC in the States where it applies, and plan on rewriting the common law in the States where it doesn't, then I suggest you direct your ire at our financial mess elsewhere.
Ok, then you certainly won’t have any problem loaning me $100k and then when I don’t pay it back because I claim I was “under duress” you won’t have a problem with it - right?
I’m ready to deal and ready to sign for that loan! Sign me up Bank of 1RB and thanks!
When you enter a contract, and the contract says you are signing of your free will and NOT under duress, your ploy to not pay back a loan based on “duress” quickly fails and is laughed out of court. Or used to be anyway.
But again, no worries. I see so many on FR that apparently don’t believe in personal responsibility that there is no danger of anyone reneging on any loan in this nation ever coming close to any sort of debtor’s prison, so really, I don’t see where all the fear of debtor’s prison is coming from. Only those who are massively in debt would fear this concept. But we don’t hold people accountable much anymore.
It is evident that the majority of the nation no longer believes in personal financial responsibility anymore and so we hurl headlong into hardcore Socialism or even further Left.
BTW The Democrats LOVE this type of logic and it is a core plank of their belief system; “Those who borrow money are not responsible - its not their fault its the fault of someone else who forced them to accept this responsibility at gunpoint”. Or so they would have us believe.
Ok, lets try this another way. Can you name the largest holders of U.S. Debt?
The U.S. debt is currently at $10,660,878,029,534.23+
The estimated population of the United States is 305,252,441
so each citizen’s share of this debt is $34,924.79.
Ok, those of you who feel that loans should not have to be paid back whenever you feel like declaring that you are “under duress”, how about the $34,924.79 that you owe? Yes, you do in fact owe it and yes, you will in fact pay that and more for the rest of your life.
Why don’t you step your big bad self up to the plate and declare to the government that “I’m not paying that damn $34K loan because I am “under duress”. If you are ready to tell a private business that and screw them out of the money they loaned you, why are not not equally ready to tell the government that?
Or how about extending your logic further; Why don’t we as a nation just tell China, Russia and those debt holders who also supply a bunch of our oil that “we’re not paying you back that ten trillion + dollars because “we’re under duress”. Just refuse to pay our debt to those nations. After all, what are they gonna do about it? Not a damn thing, right?
“Well one things for sure, we can tell all the people who are in serious debt around here by the way they don’t like the idea of punishing those who renege on contracts that they enter in to.
So why even have contracts then? Lets just join the Liberal mentality that people are not responsible and its always the fault of some else other than the debtor who entered into a legal contract to borrow money from others, others who are now getting screwed and possibly put out of business because some people feel they shouldn’t have to pay back money they borrowed in any sort of a timely manner.”
“OK it all makes sense now. Since my now ex husband chose to have an affair while I was a stay at home mom raising his biological, handicapped child (not my child) I should be in debtors prison until I can pay off the mortgage that was in both of our names. It’s bad enough that I’m still (5 years later) paying his IRS debt. Go away n00b.”
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No, that’s not what I’m saying at all and if you had actually read the column before jumping to your conclusions you would know that.
If you LATER CHOSE to take the modified loan from the taxpayer because you wanted a chance to fix your situation -THEN and only THEN would you be in a situation where you could only leave your house for work UNTIL you caught up on your payments. If you don’t LIKE it - DON’T take my tax dollars. Nobody would be holding the proverbial gun to your head.
People are whining that they want a bailout, those are my terms. I would get no pleasure knowing that someone chose another deadbeat for a partner and ran up more debt so they once AGAIN had to default. I want to be paid and this way I know that the debtor has some skin in the game.
“When you enter a contract, and the contract says you are signing of your free will and NOT under duress, your ploy to not pay back a loan based on “duress” quickly fails and is laughed out of court. Or used to be anyway.
But again, no worries. I see so many on FR that apparently don’t believe in personal responsibility” -FTL
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Exactly. Clearly the Marxists have infiltrated. There are also many who -think- they are actually conservatives but have been so indoctrinated by the public schools and their Hollywood heroes they have no clue.
Well, I think it may be (some?) members of FR are in a financial crisis. How they got there are individual stories. Some of these people, if their financial history was laid bare to the truth would be discovered to have been irresponsible and lived above their means, have (or used to have) a house full of toys, boats, motorcycles, a bunch more guns than they need, 4-wheelers, big screen in every room, live in a house above their means, took tons of expensive vactions, no expense spared etc. These are the ones that we see Susy Orman or Dave Ramsy lecture and give advice to. These are the ones who are screwing the rest of us hard workers.
Others, like the gal who was abandoned by her spouse etc., well the father should be held accountable. That is the first course of action. Work and support his own kids or he goes to jail. His choice. I damn sure am not responsible for paying for his kids or anyone else’s. That is half the problem with this nation. The concept of personal responsibility. Then the only other solution for many women in this situation, and probably some men, is some type of welfare assistance to help offset her expenses. Sad fact - anyone got any better idea?
I’m all for helping the ‘widers and ‘chillern the best we can. But it won’t be at the expense of my family going hungry. Nor should it be at the expense of your family’s fortune and welfare. At some point we are all survivors.
My wife and I worked our asses off, didn’t buy toys (not that I didn’t want ‘em) and amassed a large savings and are far ahead on the mortgage. We will weather any coming storm and could both work at minimum wage, if we had to, and still make it. Fortunately, we run a robust business.
I don’t see why we should have to pay out more of our hard eared and carefully saved money in increased taxes to give to others who were foolish and irresponsible with their finances. Downright un-American and definitely not a concept of Conservativism.
Agreed. But the idiots (yes, idiots) in Washington that pushed the concept that nobody needs to be responsible are still in Washington, still employed, and still running this country. At this point, I'd say that the ship is going to sink.
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