With America's addiction to debt, let's just declare the country a penal colony, and be done with it!!!
that's part of the PROBLEM, not the solution
Why not go back to slavery. It makes good economic sense doesn't it?
When I met him some 25 years or so later and confronted him, he lived.
We're both retired now and haven't talked since.
I say bring back indentured servants. People who owe money will be forced to work in small cubicles with motivational posters and Dilbert comics.
I'm about to go an additional 400 grand in debt. I'll have a total debt load of 500,000 not including my future spouses investment debt of 400,000. By the end of the year our combined debt will be near 1 million dollars. But our equity gains on that debt is moving nearly 20%. In ten years we will owe on that debt nearly 500,000 with almoust 1.5 million in equity- and that is just off these investments. Debt is a mofos friend.
How asinine - like we need any more government control over people's lives. It's the same logic as throwing "deadbeat" dads (and there are some) into prison because they can't make child support payments and then expect them to make child support payments from a cell. I guess the U.S. government should be the first debtor prison internee along with the Congress. Dumping the present tax system for a consumption tax, removing the death tax, implementing tort reform,reducing the bureaucracy to facilitate small business growth, will all go along way to relieving financial stress on average Americans.
If we're going to have debtors prisons then the debtors employer should also be liable for the same debts and penalties.
When a debtor applies for a loan they list their income from employment as the source of payment. If the employer fires the employee so that the employer can improve their own profit margin isn't the employer the actual cause of the bad debt? Shouldn't the employer also be liable for the debt? Perhaps the employer should be required to cosign for all of their employees debts. That would put an end to outsourcing.
As soon as the government learns to spend with the same level of responsibility that is expected from Joe Citizen, it's worth a look.
IIIFFF what he says is true, then he's making an entirely different point. The solution to that sort of indebtedness, without speculation, or cash flow, etc., is a living wage.
What he's saying, without realizing it, is that a lot of 'good job picture' jobs DON'T PAY ENOUGH! That's what he's saying. What he's saying is that the American economy is on the skids, is in deep trouble, where a host of people literally cannot find good paying jobs.
That's the only thing that can explain such indebtedness, again if what he says is true. Maybe it's not true. And maybe he's wrong.
(Denny Crane: "Sometimes you can only look for answers from God and failing that... and Fox News".)
"....``At this festive season of the year, Mr Scrooge,'' said the gentleman, taking up a pen, ``it is more than usually desirable that we should make some slight provision for the Poor and destitute, who suffer greatly at the present time. Many thousands are in want of common necessaries; hundreds of thousands are in want of common comforts, sir.''
``Are there no prisons?'' asked Scrooge.
``Plenty of prisons,'' said the gentleman, laying down the pen again.
``And the Union workhouses?'' demanded Scrooge. ``Are they still in operation?''
``They are. Still,'' returned the gentleman, `` I wish I could say they were not.''
``The Treadmill and the Poor Law are in full vigour, then?'' said Scrooge.
``Both very busy, sir.''
``Oh! I was afraid, from what you said at first, that something had occurred to stop them in their useful course,'' said Scrooge. ``I'm very glad to hear it.''
``Under the impression that they scarcely furnish Christian cheer of mind or body to the multitude,'' returned the gentleman, ``a few of us are endeavouring to raise a fund to buy the Poor some meat and drink, and means of warmth. We choose this time, because it is a time, of all others, when Want is keenly felt, and Abundance rejoices. What shall I put you down for?''
``Nothing!'' Scrooge replied.
``You wish to be anonymous?''
``I wish to be left alone,'' said Scrooge. ``Since you ask me what I wish, gentlemen, that is my answer. I don't make merry myself at Christmas and I can't afford to make idle people merry. I help to support the establishments I have mentioned: they cost enough: and those who are badly off must go there.''
``Many can't go there; and many would rather die.''
``If they would rather die,'' said Scrooge, ``they had better do it, and decrease the surplus population. Besides -- excuse me -- I don't know that.'' ....."
"The harm to business from unpaid debt"
What about the massive billions business write off in their bankruptcies and the financial damage the executives who run these companies into the ground while getting millions in "bonuses" cause?
The United States Government is $17Trillion to $20Trillion in debt that can never be repaid, except by printing tons of the "funny money" called Federal Reserve Notes which are backed by nothing but a printing press.
So all former and present congress critters and Presidents should be shunted off to debtors prison...poof solves the deficit problem.
Carolyn
P.S. At the risk of losing my head, I have to say that locking people up for nonpayment of child support is the same as debtors' prisons.
If the founders of the republic could move forward in time to today, and saw that a private bank is in control of the nations money supply they would be asking why hasn't the shooting started yet.
Let's not kid ourselves when we accept a federal reserve note for payment on anything we are already a slave to a private bank in the form of inflation and taxes.
Read the book "The Creature from Jekyl Island" if you want your eyes to be opened.
BS, the customers pay for the risk. The risk is what the lender accepts for the business he gets. If he can't stomach the risk, then he should get a stable job at Wally World. These bozos are looking to protect high interest rates and lower the risk.
Jes Beard is a freakin' lunatic.