ZOMG ZOMG ZOMG ZOMG ZOMG

[id3nt1ty]

These issues seem much more appealing than this. Check out 0:50...

[takingarms1]

QUOTE (NightRychune @ Oct 4 2011, 10:21 AM) you know, one thing i would really like to see is a ban on trading debt

as in not allowing debt to be bought and sold by third parties - all debt relationships should remain between the initial debtor and the initial creditor

This would effectively eliminate all bond trading. You sure about that?

Lets not throw the baby out with the bath water. There have been massive abuses... fix them. There's no need to dismantle a system that up until fairly recently has been working pretty well.

[NightRychune]

yeah, there's a reason i posted again and amended that

[Camaro]

Haha eliminating trades on debt is akin to hoping and praying that your bank fails so that you own your house free and clear.

Shoot man I got this $1.5 million house for $200,000 by waiting for 4 years!

[FreeBeer]

QUOTE (NightRychune @ Oct 4 2011, 11:54 AM) or, at the very least, not doing it without notifying the debtor each time it's done, so people have their own record of their debt and who owns it at any given time

That's kind of unworkable. Any business with a line of credit (and many do), would have to notify their customers with outstanding Accounts Receivable that the bank now owns (or doesn't own) the debt every time the line of credit is tapped into or paid back.

[takingarms1]

A good point FreeB. I get what Night's saying though, and probably something like restrictions on selling residential home loan debt, or at least greater regulation of that market, would make a lot of sense. Too bad the pol's are too stupid (or too corrupt?) so far to do something concrete in that area.

[FreeBeer]

I still don't see how that's workable. From the mortgagor's point of view, they have an asset that is supposed to produces a predictable income stream. Now I'm free to continue to possess that asset, or sell it off for whatever I can get for it. The potential purchaser will want to do his due diligence in purchasing that asset (not unlike buying a used car out of warranty, you check under the hood, check maintenance logs, etc.). If he still goes ahead with the purchase and gets burned, tough noogies. It's also in my best interest that the mortgagee knows who I am and that I now own the debt and that henceforth payments are to be made to me. If I fail to inform the payer of that, and things go wrong, tough noogies.

A mortgage is no different than any other asset in that regard. Owners should be free to hold or divest themselves of the asset at whatever price they see fit. Doing otherwise really mucks up the whole system.

The problem, in this mortgage crisis incident, is that the government failed to tell the banks "tough noogies" when they came crying.


edit:typo

[beeman]

WTF!? I GUARANTEE 95% of these poeple voted for Obama. Where were they 3 years ago? I'm SURE if you asked them, this all started under the "Republican Regime". Where were they? Answer: This is a group of people who if you ask why they are protesting, will give a different answer depending on which way the wind blows. The TRUTH is they want to blame someone for the fact they they are not themselves well off. I mean if someone is rich, they had to get that way by stealing it or in some way taking advantage of the poor, right?! (Liberal economics 101). So let's get all those rich people!! You know, the ones who provide jobs for countless Americans....let's stick it to them!!!

I mean if the conservatives can have a Tea Party, why can't the Libs?

[SharpFish]

QUOTE (fishbone @ Oct 5 2011, 04:17 PM) I mean if someone is rich, they had to get that way by stealing it or in some way taking advantage of the poor, right?!

Yes that;ls exactly right. That's how this system works. It redistributes the wealth of those who create it by their labour to those who claim rights to it through their wealth. That's what capitalism is, systematic theft.

QUOTE So let's get all those rich people!! You know, the ones who provide jobs for countless Americans....let's stick it to them!!![/quote]

They only "provide" jobs in their own interests - so they can appropriate the surplus value created by their employees. They're not doing you any favours. And of course, every day we work for them they get to control even more and more wealth and we get even less. Which is why we need to go cap in hand to them begging to be allowed to work for our keep in the first place. Capitalists are just a class of parasites living on the sweat of others.

[beeman]

QUOTE (SharpFish @ Oct 5 2011, 06:48 PM) Yes that;ls exactly right. That's how this system works. It redistributes the wealth of those who create it by their labour to those who claim rights to it through their wealth. That's what capitalism is, systematic theft.



They only "provide" jobs in their own interests - so they can appropriate the surplus value created by their employees. They're not doing you any favours. And of course, every day we work for them they get to control even more and more wealth and we get even less. Which is why we need to go cap in hand to them begging to be allowed to work for our keep in the first place. Capitalists are just a class of parasites living on the sweat of others.

Capitalism made America a superpower. ALL and I repeat ALL forms of socialism fail. Many critcs of Capitalism are those who feel "entitled" to what is not theirs. Again, "If I'm poor it's because a rich person made me this way by taking advantage of me." What a crock! Sharp...did ya ever stop to think you are poor because you are lazy, unmotivated, and lack skills required to make you successful? Quit blaming others and take control of your life. THAT is Capitalism....opportunity for those who want to succeed. Unfortunately, the dregs stay poor in such a system and they can't stand it.