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(Bloomberg) — In ancient Babylon, a newly enthroned king would declare a jubilee, wiping out the population’s debts. In modern America, a faint echo of that idea -- call it jubilee-lite -- is catching on.
Support for write-offs has been driven by Democratic presidential candidates. Elizabeth Warren says she’d cancel most of the $1.6 trillion in U.S. student loans. Bernie Sanders would go further -– erasing the whole lot, as well as $81 billion in medical debt.
originally posted by: Charliebrowndog
so lets say this becomes an option and it is known by all that this will take place. What is to stop people from maxing out all their credit cards, buying new vehicles, etc. It is just really, really, stupid. Reminds me of cash for clunkers.
originally posted by: BrianFlanders
The funny thing is that all this debt is really just modern day slavery.
People are working themselves into the grave to buy disposable junk.
And ultimately, all of this stuff they're buying is generally stuff that could be a lot cheaper (but isn't because the people at the top are so greedy).
People are working with $500 a month car payments for vehicles that will be practically worn out in less than ten years
Debt is criminal.
originally posted by: muzzleflash
Point is, if you and I are truly "smart" as we pretend we are - than it's our responsibility to lead the blind to the Light.
The problem is that these "stupid people" are going to affect our lives eventually.