Thread: Jubilee 2009 Forgive All Debts?

William wrote:

How would forgiving the debts of others harm any of you that owe no debts? Just curious.

IMO, it's all about fairness. Those of us who have no debt worked extremely hard at getting there and have made many sacrifices in our attempt to live within our means. Why should someone owing a $200,000 mortgage, $12,000 in credit card balances, and $31,000 on that new SUV sitting in their garage be forgiven their debt? Perhaps they should have saved their money for a larger down-payment and bought a more affordable home, paid full purchase price for a used car, and payed off their credit card debt monthly. They made their choice to accumulate the debt, now they should be required to do the responsible thing and pay it off. There are not, and there shouldn't be, any free rides in life. Just my opinion, for what it's worth.

I also have no debt that I am not able to pay off at the end of the month and no mortage. I just worry that forgiving all debt will include all the muni and treasury notes, CDs will be the first to be forgiven in this trickle-down economics theory. This is income I depend on.
And, as having taken back a mortgage on property I sold in Fla., where the fellow has stopped paying after 2 years, my attorney is going after him hammer and tongs.
Debt forgiveness to the folks that re-fied their homes with home equity lines to support their lifestyles of assumed grandeur would absolutely make me insane, and no one should read what I write then.
When the home equity loan is gone, break out the credit cards. Then the job is eliminated or outsourced and the chance of repayment becomes very small. So does the chance of buying food on those credit cards.
I hate to slam this point, but we do need Americans to start to look at a less wasteful and less flamboyant lifestyle.
I really don't care what the neighbors think about my compost pile and garden! Nor, do I really care about what other shoppers think about my outdated clothing (from three years ago) at the stores where I shop.

Originally Posted by MW

William wrote:

How would forgiving the debts of others harm any of you that owe no debts? Just curious.

IMO, it's all about fairness. Those of us who have no debt worked extremely hard at getting there and have made many sacrifices in our attempt to live within our means. Why should someone owing a $200,000 mortgage, $12,000 in credit card balances, and $31,000 on that new SUV sitting in their garage be forgiven their debt? Perhaps they should have saved their money for a larger down-payment and bought a more affordable home, paid full purchase price for a used car, and payed off their credit card debt monthly. They made their choice to accumulate the debt, now they should be required to do the responsible thing and pay it off. There are not, and there shouldn't be, any free rides in life. Just my opinion, for what it's worth.

Fair? What is that?????????????

Life isn't fair, so I don't think that is really a valid argument.

As for the jubilee, I think it's a terrible thing to do. I owe somebody money on this house, and I would pay it back even if I didn't need to, because I said I would when I borrowed it.

Catslave wrote:

Fair? What is that?????????????

Entertainment with sideshows, rides, and amusements.

AngelaTC wrote:

Life isn't fair, so I don't think that is really a valid argument.

IMO, fairness (something that is reasonable and just) is always something we should strive for. Unfortunately, IMO, too many people have forgotten that.

There is no such thing in what's fair anymore. Why should there be when bad behavior keeps getting rewarded.

I don't like it when corporations get a clean slate or when illegals get to keep their homes even though they can't pay for it and legally shouldn't even be in the country. If you bought something then pay for it. Is that really such a hard concept? I'm sick of everyone wanting a free ride. It isn't free. We pay for it one way or another. Higher prices because the loss is passed on to the consumer. That would just invite more irresponsible behavior. Oh I'm gonna keep spending and not worry about how to pay cause I know I'll get a BAIL OUT!!

Well, the main thing I was thinking about was the perpetual student loans I know many people have for decades after college.

I was also thinking that a Jubilee would remove the estimated 500 trillion dollars in derivatives liabilities they are claiming we all have.

It would also eliminate the over $35,000 in governmental debt on the heads of each child born in America today.

It would also unhook American families paying mortgages from the "investment vehicles" that were bundled and sold to the Saudis and Chinese government Sovereign Wealth Funds which apparently have more control over our government and our lives now than we do.

W

W, You have me baffled. Granted I am not the sharpest knife in the drawer.

The Old Testament revisited in a modern world that is not Jewish or Christian in majority, coupled to debts which you acknowledge are owed to lands not of the Judeo-Christian faith, how could this work?

A Jubilee that transcends faiths? Would this not warrant a one world government, complete with a one world currency?

World War III?

When men cast their gold into the streets

A Jubilee of such scale, would it not require a socialistic/communistic form of government to declare such a policy?

Back to the drawer..............

"In regard to economic policy, socialism and communism are identical." - Ludwig von Mises

Can I max out my credit cards first?