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Why would you want the government involved in punishing people for defaulting on private debts? That seems pretty against your political views, aside from your general callousness toward the less fortunate of course.
No we didn't. We extended loans, with interest and fees.
Giant loans, at subprime rates, that were wholly undeserved. Shouldn't banks exercise personal responsibility as well, or is it OK because they're not poor people?
Giant loans, at subprime rates, that were wholly undeserved. Shouldn't banks exercise personal responsibility as well, or is it OK because they're not poor people?
Undeserved, but necessary. Bush (and later Obama) had the option of being Hoover or Roosevelt. Which one would you have chosen to be given the circumstances?
Three of those states have Democrat majorities in their Legislatures and also have governors with (D) following their name : Arkansas, Illinois, and Washington.
This is not a partisan issue.
Illinois is one of the most corrupt states in the union. Look at our leadership. I recently had a law firm acting as a collections agent for the state on a bogus tax claim. They claimed I owed back taxes on an amount that wouldn't even come close to what I owed due to my income. I lived in the state half a year and made $6,000. It was the year I graduated college.
We as a people need to stand up to our governments and demand that changes be made. You shouldn't have corruption at the top. I see much better people walking around my city every day, than the people I see supposedly "representing" us.
I've participated in several forums where financial topics are the most prevalent......many people have stated their desire to willingly serve time in a debtor's prison if they could have their debts erased. That's pretty much a cry of desperation. I'm not sure I support a debtor prison in theory, but banks and other entities do have a legal duty to recoup their losses when it was they who engaged in risk by extending the financial assistance to the loan recipient. Being broke is not a reason to forgive debt. However, I don't think obscene fees are the answer either.
I know someone who willingly spent 10 days in jail instead of paying $36K in criminal fines. Sounds like a deal to me.
The banks took a risk when they made the loan. They knew what they were getting into. If they dont get the money back, its their loss and responsibility. Next time, be more careful when you hand out loans.
Debtor prisons are unconstitutional and treasonous.
If you want credit, be prepared to pay for your level of risk.
Excellent point: I am not going to be the type that ways no one should get credit, there are reasons for seeking credit and there will always be some who get themselves in over their head. For some this is going to cost them an arm and leg, so what it wrong wtih that? If you use someone's money, they have a right to expect a return. yes, as you are saying, you will pay according to what kind of a risk you are. If you can't handle the amount you are going to be charged, including going to prison or whateve, don't borrow.
As long as it is ok for the Banksters to infiltrate our government, for example, hundreds from Goldman Sachs alone, I support anyone that would bring to ruin these parasites.
I worked for a large (now defunct) bank for 7 1/2 years. Never again! Once they started with even MORE big brother BS, monitoring absolutely everything, I saw the writing on the wall.
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