Like the illusion of Wall Street, with its vast and powerful investment banks, now shuttered, China too is an illusion perpetuated by the Globalists that gave us the 15,000 mile Caesar salad, poisoned cat food and lead based paint on babies' pacifiers. Like the illusion that money would come from thin air to always push housing prices higher, China has spent a generation pursuing its illusion. Pursuing an unattainable dream to be like the West, while 6000 years of its carefully shepherded top soil blows into the sea.
Joined: Apr 27, 2007 Posts: 4351 Location: The Great Sonoran Desert
Posted: Tue Aug 26, 2008 12:08 pm Post subject: Re: Debt Paying Strike
sittinguy wrote:
This thread is making me mad! I work/worked my ass off to pay back all my CC debt in the last few years. last year alone I payed around 17k in debt. I am now at a few hundred.
But you know what SUCKS is?? I'm the loser. There is no prize for me, but there is a big prize for those losers that think they can default. THEY GET TO KEEP ALL THE STUFF FOR FREE.
Maybe my prize is pride though. I can hold my head high and tell my story and be proud. All you defaulters don't be mad when your on the side of the road one day picking up garbage trying to pay off your depts, and I nail you in head with a chicken nugget
Joined: May 18, 2006 Posts: 4827 Location: Minneapolis, MN
Posted: Tue Aug 26, 2008 12:21 pm Post subject: Re: Debt Paying Strike
Quote:
This thread is making me mad! I work/worked my ass off to pay back all my CC debt in the last few years. last year alone I payed around 17k in debt. I am now at a few hundred. But you know what SUCKS is?? I'm the loser. There is no prize for me, but there is a big prize for those losers that think they can default. THEY GET TO KEEP ALL THE STUFF FOR FREE.
Maybe my prize is pride though. I can hold my head high and tell my story and be proud. All you defaulters don't be mad when your on the side of the road one day picking up garbage trying to pay off your depts, and I nail you in head with a chicken nugget
Posted: Tue Aug 26, 2008 3:35 pm Post subject: Re: Debt Paying Strike
People might handle thier debt a little better if the consequences were higher. Bankruptcy is WAY to easy. Years back a freind filed, he was only in his 20s, And he boosted how he purchased a $2000 set of golf clubs the day before he filed. For 1 he was in his 20s, there should be no way in hell a 20 year old should be allowed to file. He's got plenty of time to work and pay down till he is dead.
People file more than once,,,,,,,,WHAT?
On your third bankruptcy,, you need to go to jail. You have a problem.
Joined: May 18, 2006 Posts: 4827 Location: Minneapolis, MN
Posted: Tue Aug 26, 2008 3:41 pm Post subject: Re: Debt Paying Strike
sittinguy wrote:
People might handle thier debt a little better if the consequences were higher. Bankruptcy is WAY to easy. Years back a freind filed, he was only in his 20s, And he boosted how he purchased a $2000 set of golf clubs the day before he filed. For 1 he was in his 20s, there should be no way in hell a 20 year old should be allowed to file. He's got plenty of time to work and pay down till he is dead.
People file more than once,,,,,,,,WHAT?
On your third bankruptcy,, you need to go to jail. You have a problem.
Go get em tiger! _________________ Believe those who are seeking the truth. Doubt those who find it.
Posted: Tue Aug 26, 2008 6:25 pm Post subject: Re: Debt Paying Strike
sittinguy wrote:
People file more than once,,,,,,,,WHAT?
On your third bankruptcy,, you need to go to jail. You have a problem.
on your third bankruptcy, the creditors need to go to jail, since they're too stupid to take a hint and keep lending when they should know better.
christ, most people that file do so because they have no choice--can't pay the light bill, can't put food on the table, and still make payments, etc.--not because they're gaming the damn system.
as far as i am concerned, CC companies are buying into RISK, just like when i buy x amount of shares in y company. you don't feel sorry for me when i lose money in the market trading do you? i don't feel sorry for them one bit.
Posted: Tue Aug 26, 2008 7:55 pm Post subject: Re: Debt Paying Strike
Hmmmm...a county not paying their debt...is that a good thing?
Quote:
Aug. 26 (Bloomberg) -- Jefferson County, Alabama, officials told their lawyers to prepare a bankruptcy filing should the county be unable to reach an agreement with creditors over $3.2 billion of bonds whose interest rates have soared.
The Jefferson County Commission today voted to have the law firm Bradley, Arant, Rose and White LLP make plans to file for bankruptcy should no agreement be reached with JPMorgan Chase & Co. and other creditors to restructure its debts.
The county's current agreement with creditors will expire on Aug. 29 because a special session of the Legislature won't be called to consider the latest plan for ending the crisis. Commission President Bettye Fine Collins said Governor Bob Riley has agreed to help the county negotiate with Wall Street on a deal to save it from bankruptcy.
``In a perfect world, we would work out a plan that would be the equivalent of bankruptcy without filing for bankruptcy,'' said Commissioner Jim Carns, Republican. ``If we can't get an agreement, then our only alternative would be to file.''
Should the county renege on the debts, it would be the largest municipal bond default in U.S. history, outstripping the Washington Public Power Supply System's $2.25 billion default in 1983 of revenue bonds sold for nuclear plants. It may also saddle investors, insurers Syncora Guarantee Inc., formerly XL Capital Assurance Inc., and Financial Guaranty Insurance Co., as well as banks such as JPMorgan, with hundreds of millions in losses"
No link _________________ 500 MPH into a brick wall - me
Joined: Apr 08, 2006 Posts: 1457 Location: Somewhere there
Posted: Tue Aug 26, 2008 9:16 pm Post subject: Re: Debt Paying Strike
Cog wrote:
@Roccland
My father gave me 3 truths to live by and so far in my 51 years on the planet, I've tried to live up to them:
1) When you give a man your word, you keep it no matter what the cost to you.
.
this is fascinating how well mind-conditioning works in US. Where else corporation equals a real person?
Joined: May 20, 2008 Posts: 969 Location: I have a whole ward
Posted: Tue Aug 26, 2008 9:48 pm Post subject: Re: Debt Paying Strike
Consequences?
Debtors' prison
In the United Kingdom, the Debtors Act of 1869 abolished imprisonment for debt, although debtors who had the means to pay their debt but did not do so, could still be incarcerated for up to six weeks.
Debtors' prisons varied in the amount of freedom they allowed the debtor. With a little money, a debtor could pay for some freedoms; some allowed inmates to conduct business and receive visitors; others (for example, the Fleet and King's Bench Prisons) even allowed inmates to live a short distance outside the prison--a practice known as the 'Liberty of the Rules'-and the Fleet even tolerated clandestine 'Fleet Marriages'.
The father of the English author Charles Dickens was sent to one of these prisons (Marshalsea Prison), which were often described in Dickens' novels.
Posted: Wed Aug 27, 2008 12:52 am Post subject: Re: Debt Paying Strike
nobodypanic wrote:
MrBill wrote:
It was a mistake in the first place to assume the common man could handle credit responsibly.
and how have the big guys at indymac, bear stearns, etc. handled it?
It is the same malaise, but only on a different scale. Common men running large companies and even nations. I cannot and will not defend their behavior. The quicker we return to a cash society the better. There seems to be a huge disconnect between the act of taking out credit and the obligation to repay it with interest.
Fine, if individuals, companies and nations cannot handle that obligation in good faith then it would be better for everyone involved if investors only lent money to borrowers with a proven track record of repayment and/or against hard collateral. It works for me. I guess its going to be painful for many others though.
I know this is a US-centric audience, but as an outsider looking in it is hard to fathom just how out of touch Americans are with reality? When it catches up to them it is going to be a real rude awakening!
AlexdeLarge wrote:
Quote:
I think the Lenders should go to jail first!
Now, that is the stupidist thing I have heard. Duh! _________________ The organized state is a wonderful invention whereby everyone can live at someone else's expense.
Posted: Wed Aug 27, 2008 7:17 am Post subject: Re: Debt Paying Strike
MrBill wrote:
I know this is a US-centric audience, but as an outsider looking in it is hard to fathom just how out of touch Americans are with reality? When it catches up to them it is going to be a real rude awakening!
oh - I don't know about that. Perhaps, but there are a boat load of other points of view here.
That said - people across the planet cannot pay their debts -
And ever hear of Northern Rock? I think they are in the UK somewhere...yes...??
But I can see how you would think amerikans are the most ignorant...heck i believe that myself...
and yes...
bone crushing thud at 500 mph is about right. _________________ 500 MPH into a brick wall - me
Posted: Wed Aug 27, 2008 7:56 am Post subject: Re: Debt Paying Strike
I said individuals, corporations and nations. Debt forgiveness is just another cop-out that encourages reckless behavior.
As we are forced to respect sovereign states inalienable right to govern themselves it is wholly unacceptable to say after the fact that this or that leader had no right to spend money as that nation saw fit at the time. That includes their right to build nuclear arms or buy military hardware instead of investing in their own basic infrastructure and domestic development. So be it. If they blow the money on guns and palaces then why should taxpayers in mostly western and developed countries have to forgive their debt? Its just armchair liberalism at its hypocritcal worst. I can hardly wait until the hard economic realities of post peak oil resource depletion put an end to such silly arguments.
And, yes, Northern Rock had to be rescued in order to avoid systemic collapse. If governments did not serve any useful purpose then they would be an expensive waste of money without any public good, wouldn't they? But neither does the UK, nor the rest of the world by the way, consume two-thirds of the world's accumulated savings. The USA does. Paying back that debt through higher taxes; lower, slower growth; higher inflation; a depreciated US dollar; lower living standards; and debt default (that will result in even higher interest rates) will no doubt suck. Better you than me!
Got shovel? ; - )) _________________ The organized state is a wonderful invention whereby everyone can live at someone else's expense.
Posted: Wed Aug 27, 2008 8:51 am Post subject: Re: Debt Paying Strike
A garage and a nail? Luxury! When I was young we were lucky if we got a tarp and a piece of string to hang our rusty spoon on. We couldn't afford a real shovel. And a hole? We used to dream we could have our own hole. We had to make due with sharing a drainage channel with ten other families. And that were a five mile walk from our home. I say home, but really it was two-pieces of plywood and a torn jacket for a door. Mind you we were lucky to have a roof over our heads. Especially when winter lasted 9-months and it was dark most days. Tell folks what a luxury it is to have a shovel on a nail in the garage these days and they all think it is a right and not a privilege. _________________ The organized state is a wonderful invention whereby everyone can live at someone else's expense.
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