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Why not? As long we're talking about squashing student loans, and free this for all and free that for all, under these current dire circumstances let's just squash mortgages as well. Sounds good to me. I may have just become a socialist.
Nah. Wipe it out. Let the feds pay everyone's mortgage off. Healthcare for all. College for all.
Houses for all. Free and clear. I'll wipe my ass with leaves if my mortgage is covered.
#yaysocialism
Student loans are just that: Loans. And mortgages are loans. In fact some people are talking about simply declaring ALL loans "null and void". Just write them off. Poof, they no longer exist, and we don't have to pay them back.
Well, if the fools try that, tomorrow morning you will find your savings and checking accounts empty, the grocer not accepting your checks, your auto finance company calling in their note, your home mortgage being repudiated, and your own paychecks bouncing because the company suddenly can't cover them. All those companies had their money in various banks, and what do you think those banks had it invested in?
All those loans the "wipe out all the debts" idiots just made disappear, were YOUR money being loaned out. Bye-bye.
Just keep one thing in mind.
The fools proposing it, may be able to actually do it.
But once they do, they can never UNdo it.
That said, now go ahead and try it. The politicians pushing it promised you no harm would come of it, didn't they?
BTW, remember those trillion-dollar debts we have planned, to support all those government freebies? Forget them. The people we were borrowing all that money from every year, suddenly have no more to lend (by buying bonds).
And if any still have any money, the U.S. Government is suddenly the LAST outfit they would ever dream of lending to. Once bitten, twice shy. To say the least.
The gummint would be forced to balance its budget, right now, and for all time to come. Never spending more each year, than it takes in in taxes. Ironically, that might be the only "silver lining" there is to this hugely black cloud.
Yeah, writing off all the debts is a GREAT idea. What could go wrong?
Oh yeah, btw...
Of course I’m being totally sarcastic.
I saw a post/conversation somewhere else where someone seriously actually suggested this and it just set me off. People really are nuts.
Student loans are just that: Loans. And mortgages are loans. In fact some people are talking about simply declaring ALL loans "null and void". Just write them off. Poof, they no longer exist, and we don't have to pay them back.
Well, if the fools try that, tomorrow morning you will find your savings and checking accounts empty, the grocer not accepting your checks, your auto finance company calling in their note, your home mortgage being repudiated, and your own paychecks bouncing because the company suddenly can't cover them. All those companies had their money in various banks, and what do you think those banks had it invested in?
All those loans the "wipe out all the debts" idiots just made disappear, were YOUR money being loaned out. Bye-bye.
Just keep one thing in mind.
The fools proposing it, may be able to actually do it.
But once they do, they can never UNdo it.
That said, now go ahead and try it. The politicians pushing it promised you no harm would come of it, didn't they?
There's no question that a major mortgage forgiveness plan would be a double-edged sword. If the loss of so much of the invested equity in mortgage companies put them out of business, a big domino-effect would reverberate throughout the whole finance and banking industry. As much as many people dislike loan companies and banks, the fact is that our economy and society are dependent on them. Having such institutions is part of our country's DNA.
But if they were gone, you might still be able to borrow money from the Mafia. At 50% interest and they would take your oldest child, if you defaulted.
As opposed to Hoover who let people suffer in camps and get beaten up by armed guards protecting 'property rights'.
Yes, they were both morons...guess the secrets out now.
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