poncho62 said:
The trouble with bankruptcy is that people think that no one pays in the end and that the lender loses.......Nope, everyone pays. The lenders just up the rates for everyone. They still make their money, just in another way. Its the same with insurance......and probably with health care too (increased taxes) if you want to get right down to it.
My problem is that I have always paid my bills, paid my taxes and not bitched about it (not out loud anyways)......I know too many people that my dollars are supporting, whether they need the help or not. Gets under ones skin sometimes.
There are always compromises.
When you invest in the stock market you take a risk. That corporation or commodity may lose money and you too will lose money. The same is true when you invest in a person by making a loan. You as the lender are hoping to make a profit (the interest) but you also take a risk that the person will default or stop paying the loan for whatever reason.
For tax purposes, you as an investor needs to be able to declare your profits and your losses. Bankruptcy, above and beyond everything else is a service to the LENDER so that they can declare the actual loss due to the default. If you simply default then the lender must pursue a lengthy and expensive process to declare the loss.
You see, we don't have debtors prisons in this country. The thought of saddling a child with the parents debts is socially reprehensible in very fabric of our nation. There comes a point when both people in a contract must be able to cut their losses and walk away. To leave someone destitute with no hope of ever being able to pay a debt and live a decent life is more wrong than a business taking an occasional loss. Situations change. Bad things happen. Contracts get broken. Businesses go bust. Peoples jobs are replaced entirely due to progress, etc., etc., etc. ...
I don't complain so much about the bills I pay. Those bills represent the choices that I make. I don't complain about paying taxes so much as I argue how they should be used. I support social safety nets of various sorts, birth control, head start, WIC, SSI, and others. What I object to is the capitalists who abuse the system for billions while the uninformed fixate on singular examples (often proven false or inflated) of individuals scamming 10's of thousands. Then of course they dream of being able to live in mansions and have servants to wait on them just like the corrupt bankers and wall street fat cats they claim to despise.
I also vote, volunteer, and gladly appear for jury duty when called upon. Too many fail to participate in society. We, even nomads do have a place in society and everyone needs to help contribute in some small way for the better good of all. There is that whole "We the people" thing. You know, and the "
promote the general Welfare" thing.
I take that **** pretty seriously.
I for one blame the bankers not the wellfare recipients. Apathy and inaction is the true enemy of democracy.