Would a Jubilee work today? (illegal, illegals, insurance, companies) - Politics and Other Controversies -Democrats, Republicans, Libertarians, Conservatives, Liberals, Third Parties, Left-Wing, Right-Wing, Congress, President - City-Data Forum

hilgi · 06-16-2011, 09:00 PM

Would it be possible to just wipe out all private debt? It would hurt the banks (darn

) but would it be possible to craft it in a way to soften the blow for bond holders and pensions?

doc1 · 06-17-2011, 05:33 AM

Could they let us know in advance about this "Jubilee" thing?

I can think of a whole lotta things I'd like to have.

HappyTexan · 06-17-2011, 06:24 AM

Quote:

Originally Posted by doc1

Could they let us know in advance about this "Jubilee" thing?

I can think of a whole lotta things I'd like to have.

Me too. I have little to no debt right now. I'd need to load up before they declare it.

And I'm sure there are MILLIONS more that would do the same thing.

Rhett_Butler · 06-17-2011, 07:04 AM

Yeah, we're seeing the problem with that kind of plan unfold before our eyes here aren't we? LOL!!

Kind of like Amnesty for illegals.... If the idea is tossed around that we're going to do it, imagine the flood of illegals trying to get in before the Amnesty?

hilgi · 06-17-2011, 09:44 AM

Quote:

Originally Posted by doc1

Could they let us know in advance about this "Jubilee" thing?

I can think of a whole lotta things I'd like to have.

That is one of the problems I was thinking about. I am sure it would have to have a cutoff date.

It is an interesting thought experiment. So much of our debt is due to a faulty system, would eliminating it be so bad?

We did it for the banks and some insurance companies.

oz in SC · 06-17-2011, 10:12 AM

Do it on your own,declare bankruptcy.

hilgi · 06-17-2011, 01:34 PM

Quote:

Originally Posted by oz in SC

Do it on your own,declare bankruptcy.

Individuals doing that won't really help. Plus, as I said there are legitimate concerns with bond holders, etc.

I wonder how it worked in historical times?

oz in SC · 06-17-2011, 01:44 PM

Quote:

Originally Posted by hilgi

Individuals doing that won't really help. Plus, as I said there are legitimate concerns with bond holders, etc.

I wonder how it worked in historical times?

The more people who declare bankruptcy,the less money the banksters will get.

hilgi · 06-17-2011, 02:09 PM

Quote:

Originally Posted by oz in SC

The more people who declare bankruptcy,the less money the banksters will get.

Not necessarily, they made it harder to wipe out debt, they may just put them on a court ordered payment plan.

I agree about the banks but the problem is a lot of banks sold off loans as bonds and CDO's, those are owned by pensions and individuals.

But the banks bonus checks cleared!

doc1 · 06-18-2011, 01:55 AM

Quote:

hilgi;That is one of the problems I was thinking about. I am sure it would have to have a cutoff date.

No problemo.

I'm confident I could get my hands on the goods before you can say "free stuff, it's the bank's fault, not mine".

Quote:

It is an interesting thought experiment.

Oh yeah!!! Free stuff is where it's at. Now is the time to make the experiment a reality.

If you run for President you've definitely got my vote.

Quote:

So much of our debt is due to a faulty system, would eliminating it be so bad?

I thought it was due to people refusing to say "no" to themselves and not borrowing to buy their stuff, much of which they couldn't afford in the first place. My bad.

I wanna be a victim too while I've got a chance.

Quote:

We did it for the banks and some insurance companies.

For starters, I want a '05-'06 Ford GT and a big-ass home entertainment center.

DOWN WITH THE BANKSTERS