| reply to pnh102
Re: Good Idea I'm not trying to pick a fight with you in particular but I can't help but be struck by the differing standards.
"absolve itself of burdensome debt...instead of paying for the mistakes of the past"
If we were to advocate a similar approach to, let's say, homeowners who are drowning under excessive debt they took on, would we see ready support for such an idea, or would we be hearing about responsibility and moral hazard? |
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 pnh102Reptiles Are Cuddly And PrettyPremium
join:2002-05-02
Mount Airy, MD | said by asdfdfdfdfdfdf :
If we were to advocate a similar approach to, let's say, homeowners who are drowning under excessive debt they took on, would we see ready support for such an idea, or would we be hearing about responsibility and moral hazard? We're already seeing this happening with numerous foreclosures.
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Reptiles Are Cuddly And Pretty |
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| reply to asdfdfdfdfdfdf
said by asdfdfdfdfdfdf :
If we were to advocate a similar approach to, let's say, homeowners who are drowning under excessive debt they took on, would we see ready support for such an idea, or would we be hearing about responsibility and moral hazard?
I'm going to run my credit cards up to the limit and use that to pay off my mortgage. Then I'm going to spin off a new company which will bear my credit card debt, as well as my appliances and a few other possessions. That company will additionally pay me to run the appliances. When it somehow can't make a go of that, it will declare bankruptcy to shed the credit card debt. Then I'll borrow a little more out of the house and buy my appliances out of receivership, without ever taking a hit on my own credit. Cool, eh? |
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