Would it work?

Would it only work for some debts and not others?

_________________
We Now Know That JOE BIDEN has been COMPROMISED by CHINA! (let that sink in)

Election 2020-The Largest Fraud in the History of Mankind.

*If you believe that Biden won, you also believe that Epstein killed himself*

Of course it would work. Everything written down to one degree or another

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We can just write it off.

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Lenders can write down and the govt can ensure(insure?) they're covered writing stuff off.

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It would be pretty cool, everybody owning their homes. I bet a lot of money will be spent at stores if that was the case.

Maybe they could also put a temporary limit on savings for people who got 100% forgiveness (i.e. a free house) to quell hoarding and make sure the money gets put into the economy. Or maybe in exchange for debt cancellation you have to agree to put a certain amount of your earnings IN savings so you don't become a month-to-month dirtbag millennial.

_________________
We Now Know That JOE BIDEN has been COMPROMISED by CHINA! (let that sink in)

Election 2020-The Largest Fraud in the History of Mankind.

*If you believe that Biden won, you also believe that Epstein killed himself*

You dont even know what a write off is.

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What kinds of debt?

I worked hard not to have unsecured debt or ridiculous mortgage debt. Graduate school, a job that had me on the road for the better part of 25 years.I have a mortgage for liquidity reasons, but if mortgage rates were 8% I would have paid for the house in full and set up a HELOC for emergencies.

But I am responsible for my dad's expenses at his retirement complex, which equal nearly 70 hours of working for me each month. But they aren't debts until I fail to pay them. Are we throwing those out too?

Why should I support a politician who wants a reset?

I'm not being argumentative, just curious.

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"When people want their version of the truth, they go find it, no matter how baseless their beliefs." -- Ken Rosenthal

Young people have a lot of unsecured debt, and are pretty much immune to COVID-19, yet they are tanking the economy to save older people like you. That's why you should support a reset.

The only danger is taking a cookie this big is akin to submitting to a form of slavery if it isn't done properly or with the right intentions and follow-through.

If this can be done in a way that Saves America and gets us right back to being a nation run by Individuals, it would be great. If not, it probably cannot be risked. We do not want to usher in the New World Order.

For those who claim this feels like a giant Social Experiment - agreed. It feels like a lot of the psych-out horror movies that they have been conditioning us with lately where you have to make one horrible choice to avert another horrible outcome, and the next thing you know, you are down a dark road that only one guy in the movie gets to come back from at the end.

_________________
We Now Know That JOE BIDEN has been COMPROMISED by CHINA! (let that sink in)

Election 2020-The Largest Fraud in the History of Mankind.

*If you believe that Biden won, you also believe that Epstein killed himself*

I dont think someone who bought a house this week should never have to pay for it, especially as opposed to those who would've paid cash at the same time.

But what Bob says is right. Everyone under forty is basically being told to give up three or so years of economic prosperity (and in the case of professions like pilots or small business owners damage that will last well beyond that) to save the old and infirmed. This should be rectified somehow.

Normally under actual capitalism or free market economy the mass failure of large firms would open up tons of opportunity, but since we no longer live in a world where those businesses fail something else should be done.

The only issue with debt relief is that it discriminates against people without debt.

If you just want to punish old people from red states for having the audacity to still be alive, just eliminate Medicare effective immediately. Much more honest and less complicated.

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"When people want their version of the truth, they go find it, no matter how baseless their beliefs." -- Ken Rosenthal

Red states are not nearly as affected by this as their blue state counterparts.

u ever take a shit on your debts

Who are these people without debt?

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Jeff Bezos.

_________________
Anybody here seen my old friend Bobby?
Can you tell me where he's gone?
I thought I saw him walkin' up to The Hill
With Elon, Tulsi, and Don

Yeah, I'm the only one of my friends who wasn't dumb enough to go on the hook for "too much" house. So after the dust clears they're going to be scot-free in their McMansions while I get to keep my condo and a bank account full of funny money.

_________________
Anybody here seen my old friend Bobby?
Can you tell me where he's gone?
I thought I saw him walkin' up to The Hill
With Elon, Tulsi, and Don

Are we not doing a version of this by bailing out the airline industry?

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I don't think it's exactly the same thing but all these corporate bailouts are questionable. As Antarctica said, if it were truly a free market this would be an opportunity for smarter and more prudent people to step up and open new airlines. We're effectively eliminating such opportunity.

_________________
Anybody here seen my old friend Bobby?
Can you tell me where he's gone?
I thought I saw him walkin' up to The Hill
With Elon, Tulsi, and Don

"I guess it's just a piece of paper after all." - US Citizen

It's not hard to guess what happens then.

Please explain why the airlines need to be bailed out on the grounds of "national security"? I nearly fell out of my chair when I heard that.

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There are only two examples of infinity: The universe and human stupidity and I'm not sure about the universe.

Any company taking a bailout should be forced to issue/sell at least a commensurate value of shares for repayment. Double that if they had massive stock buybacks with the ridiculous tax cuts.

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There are only two examples of infinity: The universe and human stupidity and I'm not sure about the universe.

Rewarding people for bad behavior is what this is on a fundamental level.

But somehow it is more palatable that those rewarded for bad behavior be faceless companies and not our asshole next door neighbor.

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I don't think any of it's palatable. It's like we didn't learn anything in 2008.

_________________
Anybody here seen my old friend Bobby?
Can you tell me where he's gone?
I thought I saw him walkin' up to The Hill
With Elon, Tulsi, and Don

Medical debt forgiveness sounds like a good idea, and we're probably going to have to have some sort of long-term rent/mortgage forgiveness if we stay shut down for long. Nuking every mortgage in America, though, I don't know about that one.

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Capitalize the Profits and Socialize the Debt. It's the American Way.

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The banks would have no assets left since their entire balance sheets are loans. If the banks have no assets, you have no banking account. Don’t care? Your employer has no banking account. Therefore, you have no job. That’s just one initial impact.

Sound like a good idea?

_________________
Hawaii (fuck) You

Maybe we should just revert to a hunter-gatherer society if this is all so fragile. Nuts And Berries For All Who Want Them

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Or maybe we accept that our system is pretty damn good on average and work to fix the places where it doesn’t work well.

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Hawaii (fuck) You

Too Big to Fail is the part of the system that really doesn't work that well and bank assets are insured by the Federal Govt up to a certain amount so even if the bank clears out all of the assets then the avg Citizen would still be covered.

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Covered with what? Worthless paper?

_________________
Anybody here seen my old friend Bobby?
Can you tell me where he's gone?
I thought I saw him walkin' up to The Hill
With Elon, Tulsi, and Don