posted on Jun, 18 2012 @ 09:42 AM
The plan needs to have in place a fail safe for the small business owner. The small business owner is not some fat cat, most make enough to support
their family and a few employees. Like furniture stores that offer their own credit. What about home town banks that aren't fat cats either, I know
of one run by a father and son, they gave a nonprofit I was director of a small loan when no one else would. To cancel private debts would destroy
these small businesses.
If we let private individuals off the hook people would run out and buy cars/houses/and tons of stuff on credit and then destroy even more small
businesses. I suppose if you put a 10 year moratorium on all people who have their debt cancelled from obtaining any more credit and the same penalty
of the debt being reinstated if they apply for or obtain or use more credit it might work. So the individual would have to give up credit cards,
mortgages, car loans, etc. and if they overdraw at the bank their debts would be reinstated perhaps you think that would be fair to the little guy? I
think that would hurt the little guy more than help.
The most "damage" would be done to the uber rich people and corporations and to countries who bought the debt.