American Debt Erasing Jubilee

originally posted by: underwerks
I constantly here people saying “it wouldn’t be fair to the rest of us who sacrificed and paid off our student debt!”

If a person wants everyone else to go through the same hardships they did because they turned out fine, they didn’t in fact turn out fine.

So, if somebody thinks differently than you they are not fine.

You must have one useless and expensive degree.

a reply to: JAGStorm

Yes but what made it a recession was the banks stopped short term business loans. Large item manufacturers like locomotive engines (GE and EMD), airplanes (Boeing, Lockheed Martin, etc) only have an influx of cash when the item is made and sold. They carry operation expenses by loans (mostly labor). Laying people off immediately reflected in mortgages. So while CDS (a poor banking decision) got the ball rolling, the banks compounded their problem themselves. And we the people paid for it every step of the way.

I think when they cancel all the debt, they should send all working US citizens a bill for the thousands of dollars, rather then devaluing the dollar anymore. It will help people have a better understanding, and they can all give with a joyful heart. If they refuse to, or are unable to pay, take their homes and make them live under a bridge. That will teach them a lesson for being scrooges.

Better yet, lets cancel Christmas this year, and pay off the debt with the money people usually buy Christmas gifts with.

originally posted by: underwerks
I constantly here people saying “it wouldn’t be fair to the rest of us who sacrificed and paid off our student debt!”

If a person wants everyone else to go through the same hardships they did because they turned out fine, they didn’t in fact turn out fine.

You come across as the absolute archetype of the smug, selfish, entitled snowflake.
Of course it wouldn't be fair to the thousands of people who worked their asses off for years to pay off student loans.

The problem is who wants to see their investments deflated because of debt cancellation? What about all the bond holders. What is your pension is invested in some of these debt vehicles? That debt cancellation means your pension gets wiped out.

Put it this way. Let's say you sell your neighbor a car. Because you know the neighbor, you agree to finance it to help them out. They will pay you $100/month for the car. They still have five years left of payments. This debt jubilee happens, now they say sorry, the debt was wiped out... so I don't owe you the $100. By the way, I still get to keep the car...

I'm sure most of the people supporting this would want their car back if they aren't getting the money for it.

Debt is not evil. It serves a function in the economy. The problem is you have too many idiots that use it unwisely and get in over their heads. Consumerism and materialism.

Why should those of us who try to avoid unnecessary debt be paying directly and indirectly for other people's irresponsibility?

a reply to: BrianFlanders

You actually get it. Unlike all of the terrified Karen's who need things to never change.

a reply to: JAGStorm

Perhaps I'm wrong, but isn't this what bankruptcy is?

a reply to: rickymouse

So, where is the money supposed to come from to erase that debt? It has to come from somewhere.

Probably do what obama did, just fire up the printing press' and print money like there is no tomorrow.

A EMP strike would sort the problem of debt or a world war where most of the population was culled doing away with pensions for many as a new currency was introduced and backed by gold .

Or like Barclay card servers in the twin towers on 9-11 or just add some zeros to figures

Why are there 12 zeros in a trillion in America and 18 in other countries?

www.answers.com...

originally posted by: BELIEVERpriest
a reply to: JAGStorm

Perhaps I'm wrong, but isn't this what bankruptcy is?

Exactly. People over extended need to file bankruptcy. That is exactly what it is for... a chance to get out of debt / creditors off your back.

a reply to: Edumakated

Debt is not evil. It serves a function in the economy. The problem is you have too many idiots that use it unwisely and get in over their heads. Consumerism and materialism.

You are right.
I'll add my other two cents in here. I have a kid in college. To tell you truth, I was actually shocked how affordable tuition was. I'd almost say cheap. This is at a big state University. I will say that housing and food is a little more pricey. That's not what is getting these kids. I know exactly what is happening (in a lot of cases)
These kids are getting loans for their tuition, housing, food, supplies, and a bunch of other junk. That other junk sure adds up. They are paying zero, as in nothing until after they graduate sometimes later. The interest just grows and grows until they have this gigantic loan that hardly resembles what they signed up for. Then they cry that college debt is too much.

They should make interest payment mandatory #1, #2 a required class before being accepted into any college should be basic finance. I'm not talking about the outdated stuff they are teaching in high school (like writing a check). I'm talking real world stuff like credit debt vs mortgage debt, Interest rates.

I know parents should be teaching their kids this stuff. I got my kids their own checking account when they turned 13. They learned real quick. The problem is that too many parents don't even know this stuff.

If you look at a country like China, we think of it as a poor somewhat third world country. They have a savings rate of at least 50%. Americans should really think about that.

originally posted by: underwerks
I constantly here people saying “it wouldn’t be fair to the rest of us who sacrificed and paid off our student debt!”

If a person wants everyone else to go through the same hardships they did because they turned out fine, they didn’t in fact turn out fine.

That's an idiotic statement. If you worked 3 jobs to pay off your student debt or mortgage, and then a bunch of other irresponsible people who squandered their time and resources and DIDN'T pay off or pay down their debt, but are left in the same situation as yourself, you would be protesting in the streets and demanding equality.

That's like saying let's have the responsible and hard working people get punished and reward the problem children who were irresponsible.

I understand that some people get into debt due to necessity and then are trapped. That should be a different conversation then "let's just cancel all the debt".

So funny that many on the left are totally fine with inequality when it BENEFITS them, but are the first to call others heartless or cheaters when it goes against their political agendas.

originally posted by: Charliebrowndog
What is to stop people from maxing out all their credit cards, buying new vehicles, etc.

This wasn't about credit card or automotive financing.

Seriously, if anyone is still giving out loans and credit leading up to a jubilee, they deserve what they get. And let’s be clear here. It’s always a certain group that causes economic crashes and depression. And here’s a hint: it isn’t the lazy poor. The banks perpetrated the largest fraud in history, destroyed the worlds economy, cost 500000 Americans their homes, and they got bailed out. Why didnt the victims get bailed out?

At any rate, there’s a reason the ancient world had a jubilee every so often. Their economics were sufficiently more advanced than ours to know that debt always grows faster than economies, and without a jubilee you will always end up with oligarchs running the kingdom and serfdom for everyone else.

Mícheál hudson has written extensively on this. On the other side you have all our Chicago school economists, who are so bright that they can’t predict a crash even when its happening, and their methods keep crashing the economy and destroying the working class pensions while making the rest of the oligarchs (you know, the ones who own 95% of stocks) get wealthier.

a reply to: FamCore

So funny that many on the left are totally fine with inequality when it BENEFITS them, but are the first to call others heartless or cheaters when it goes against their political agendas.

Exactly!

I have nothing to add to that, what you wrote is a perfect statement and sentiment!

originally posted by: JAGStorm
a reply to: FamCore

So funny that many on the left are totally fine with inequality when it BENEFITS them, but are the first to call others heartless or cheaters when it goes against their political agendas.

Exactly!

I have nothing to add to that, what you wrote is a perfect statement and sentiment!

More funny that many on the right can only resort to personal attacks and insults rather than honest discussion.

a reply to: JAGStorm

so sanders wants the healthcare industry to just suck up 81 billion in losses or does he plan on using taxpayer money to eliminate medical debt?

a reply to: JAGStorm

I had to forego a LOT in life to pay my student loans. If others get half a house worth of debt forgiveness leg up. If they want to give me and everyone else what we paid, with interest, then fine. And give everyone else who didn't have student loans a commensurate sum, then fine.

But selecting a segment of the population for a MASSIVE boon that held back any early wealth building from another segment of the population, largely paid for BY the folks who had to pay their loans back for years? No way. I would personally go to war over this.

a reply to: JAGStorm

Is something like this was going down I would have to sign up for college get some student loans and buy another rental property.

a reply to: dogstar23

I agree with you really, how many will be scamming that system never mind paying off the debts for art school or some other bs degree that may never benefit you. You would probably be surprised how many worthless degrees there are out there and people keep getting loans for them.