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[–] Goathole 0 points 1 point (+1|-0) ago 

Yeah, well let's just park our moral outrage for a minute and try to be rational.

The article says something about In recent years some in Congress have sought to change bankruptcy laws...... < that tells me all I need to know.

Let's get rid of bankruptcy laws! Let's hold the borrower responsible for the debts they accrue. What's that you say? Oh we can't go back to the days of debter's prisons!

Let's apply it to the individual too. Can't make your car payment? Too bad, someone sold you that vehicle and he/she/it needs to recover the cost. It was SOLD to you. You promised to pay for it. Can't make your house payments? Too bad. You promised to pay for that house.

Bankruptcy, while it has some advantages as in increased sales because the safety net, helps the economy, it also damns it all to hell.

Source: My property values plummeted when you people "lost" your homes during the recession. You walked away. The auto market nearly collapsed when your cars were being repossessed. I KNOW that many of those people could have made their payments if forced but the lure of taking a hit for a few years AND PROFITING FROM THE NEXT HOME was too much.

But yeah! Let's get rid of bankruptcy laws! But let's be fair about it, it needs to apply to everyone. It doesn't sound like such a good idea anymore does it? Well to fucking dirtbags anyway. Are you a fucking dirtbag? Lol! I can guess the answer on my own.

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[–] Seventh_Jim ago  (edited ago)

Barring ursury would solve the problem.

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[–] prairie ago  (edited ago)

Usury isn't the problem, it's the legal preventions of the market from properly pricing a bank's IOUs. If I do work but let someone else reap the rewards and then pay me back later, there's nothing wrong with me charging them a little more. Just as if I'm a business owner, I'd like to be loaned some capital that I repay for more later, because I can turn it into even more than that by investing in capital and creating value now.

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[–] Goathole ago 

You won't need to when the family sees degenerate gambler uncle Mike chained to a rock beating stones to gravel in the quarry. It's then that people will think to themselves, do I really need an iPhone X? I have an iPhone 8 already and it's pretty close to that and paid for.

There need to be repercussions for irresponsibility and examples set. Then we can proceed as a civilization.