Forgive all credit card debts...

[Freeper]

kentuck Donating Member (1000+ posts)  Journal Click to send private message to this author Click to view this author's profile Click to add this author to your buddy list Click to add this author to your Ignore list    Sat Jul-09-11 11:02 AM
Original message
Forgive all credit card debts...
   
and watch this economy take off.

If we could get a Democratic majority in the House, that would be something to seriously consider. It would also be a payback of sorts from the big banks to the people that bailed them out.

No doubt, it would put a lot of new spending into the economy. There are few consumers that are not burdened with credit card debt. It was the substitute for wage increases for 20 years. People could pay off their credit card debt with another credit card or they could pay off all their credit cards by re-financing their homes. Those options are no longer available.

Since employers will not hire and many will not give any pay increases and they are paying very little, if any, taxes, this would be a fair proposition for the people.

Also, as I have stated elsewhere, corporations that move their businesses off shore for cheap labor should be declared persona non grata and not eligible for the US tax rates or favors offered by our government. They will need to negotiate their taxes with the country where they have decided to move. Perhaps they can get better rates?

On top of that, if they want to bring their cheap products back into this country to sell, we should add a 25% tariff on them. That would level the playing field with most of our trading "partners".

Furthermore, companies should be given a choice. Give your employees more pay or pay more income taxes. Preferably they would choose to pay their people better wages. Yes, they would scream "class warfare" and "government interference" in the private sector. So?

http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=439x1450932

Why don't you just go all the way and admit what you want? Just come out and say that everything should be free.
When I was a child I would have agreed with you, but then I grew up and realized that for everything there is a cost and no one can thrive if everything is just given away for free.

Doctor Hurt (330 posts) Click to send private message to this author Click to view this author's profile Click to add this author to your buddy list Click to add this author to your Ignore list    Sat Jul-09-11 11:06 AM
Response to Original message
1. what are the details of the mathematical model
   
you are using to make this prediction?
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kentuck Donating Member (1000+ posts)  Journal Click to send private message to this author Click to view this author's profile Click to add this author to your buddy list Click to add this author to your Ignore list    Sat Jul-09-11 11:10 AM
Response to Reply #1
6. There is no "mathematical model" at present...
   
It is common sense.

Translated as here's my plan.
1. Freebies
2. ??????
3. The Winner!!!!!1111

roguevalley Donating Member (1000+ posts)  Journal Click to send private message to this author Click to view this author's profile Click to add this author to your buddy list Click to add this author to your Ignore list    Sat Jul-09-11 12:33 PM
Response to Reply #1
48. Let me know if this happens so I can run them up first. :-D

You and every other person in the country would do that.
Reminds me of a friend from way back, he ran up every credit card he had then filed bankruptcy.

kentuck Donating Member (1000+ posts)  Journal Click to send private message to this author Click to view this author's profile Click to add this author to your buddy list Click to add this author to your Ignore list    Sat Jul-09-11 11:11 AM
Response to Reply #2
9. "Why would you lend someone money if you might be just giving it away"
   
Why did the taxpayers give all those trillions to the banks??

That is your plan just give away money.

theophilus Donating Member (1000+ posts)  Journal Click to send private message to this author Click to view this author's profile Click to add this author to your buddy list Click to add this author to your Ignore list    Sat Jul-09-11 11:08 AM
Response to Original message
3. And, for the RWers, it could be based on biblical principles. The Jubilee.
   
Under the Mosaic law the Jews were supposed to forgive all debts every fifty years. All property would go back to the original owners (among the Jews), etc. There is no evidence this law was ever followed. I have wondered what would happen in this country if every fifty years all debts were cancelled. I know that unless other laws were enacted that near the cancel time you couldn't borrow anything. Oh well. We should have bailed out the mortgage holders and not the banks.

Can't do that, separation of church and state, remember?

theophilus Donating Member (1000+ posts)  Journal Click to send private message to this author Click to view this author's profile Click to add this author to your buddy list Click to add this author to your Ignore list    Sat Jul-09-11 11:24 AM
Response to Reply #5
21. It's an interesting concept that many don't know about. It jibes with the
   
concept that default would hurt mostly the top 1%, etc. I'm sure the wealthiest would have "suffered" the most under a Jubilee. Of course they could afford it. Just a couple less ivory backscratchers. That's why it makes sense to redistribute wealth downward from time to time. Not a "trickle" but a gusher.

That will work really well, why would anyone work above and beyond anymore, if every few years it all was going to be taken anyway.
People would purposely live paycheck to paycheck rather than have what they saved and earned simply taken from them.

badtoworse Donating Member (981 posts) Click to send private message to this author Click to view this author's profile Click to add this author to your buddy list Click to add this author to your Ignore list    Sat Jul-09-11 11:47 AM
Response to Original message
33. This is a joke, right?
   
Edited on Sat Jul-09-11 11:49 AM by badtoworse
An unconstitutional taking that will destroy consumer lending. I've seen some really crazy ideas proposed here, but this is arguably the craziest.

It's at least in the top ten of craziest ideas from DU.

Speck Tater Donating Member (1000+ posts) Click to send private message to this author Click to view this author's profile Click to add this author to your buddy list Click to add this author to your Ignore list    Sat Jul-09-11 12:18 PM
Response to Original message
41. Sure. We rewarded the bankers for irresponsibility.
   
why not reward everyone else who was irresponsible too?

And those of us who WERE responsible? Well, I guess we were just suckers for following the rules.

Yet our govt has acted irresponsibly, and you can't wait to give them more money.

[JohnnyReb]

DUmmie maxed out his umpteenth and last credit card yesterday.

[Skul]

DUmmie maxed out his umpteenth and last credit card yesterday.

Beat me to it.

[whiffleball]

Absolute ignorance.  Those CC's would be back in the same shape they were when "we" paid them off within a month or two.

If you want to support some deadbeats, Kentuck, take them off the street and into your home.  Personally, I'm sick of paying the way for dead weight.

[ScubaGuy]

kentuck Donating Member (1000+ posts)  Journal Click to send private message to this author Click to view this author's profile Click to add this author to your buddy list Click to add this author to your Ignore list    Sat Jul-09-11 11:15 AM
Response to Reply #8
12. I have heard that this has been discussed in high circles.
   
How serious they took it, I don't know?

You and your buddies getting high and discussing this doesn't count.

hughee99 (1000+ posts) Click to send private message to this author Click to view this author's profile Click to add this author to your buddy list Click to add this author to your Ignore list    Sat Jul-09-11 11:30 AM
Response to Reply #16
26. You get to find a new place to keep your money,
   
since your bank will have gone out of business.

kentuck Donating Member (1000+ posts)  Journal Click to send private message to this author Click to view this author's profile Click to add this author to your buddy list Click to add this author to your Ignore list    Sat Jul-09-11 11:36 AM
Response to Reply #26
30. Yeah, sure.
   
Gone out of business?

I know this a stupid question but can he really be that dumb?

kentuck Donating Member (1000+ posts)  Journal Click to send private message to this author Click to view this author's profile Click to add this author to your buddy list Click to add this author to your Ignore list    Sat Jul-09-11 11:36 AM
Response to Reply #25
29. Many folks did not use their credit cards for "unnecessary" shit.
   
They used them to get their cars fixed or water heater replaced or a roof or plumbing or necessities. Creidt cards were issued to a mass of workers instead of wage increases. It didn't matter to the workers so long as they had the money. We could make a stipulation that you could continue to pay your credit card bills as faithfully as ever, because you can afford it.

I wasn't aware that I worked for Wells Fargo, Wachovia, Citi or Visa.  In fact I never remember any employer saying "Sorry dude no raise this year but here's a credit card instead".

[franksolich]

Uh.

corporations.....not eligible for the US tax rates or favors offered by our government. They will need to negotiate their taxes with the country where they have decided to move. Perhaps they can get better rates?

Yeah.

They can, and do.

That's one of the reasons they move away from the United States.

[miskie]

So, the primitives, who hate 'rewarding' banks - - Want the government to further reward banks by bringing their debt to zero by having the government pay off everyone's credit card bills.

Firstly - wow this is a stupid plan.

Secondly - do you know who is going to make out okay in the end ? The conservatives who got caught hard by this recession. The idiots who charged themselves into oblivion will be back in debt within days.

Thirdly - isn't 14T of deficit enough ? You primitives do realize that the USA's ENTIRE GDP in 2010 was 14.7T, right ? 

[Carl]

kentuck Donating Member (1000+ posts)  Journal Click to send private message to this author Click to view this author's profile Click to add this author to your buddy list Click to add this author to your Ignore list    Sat Jul-09-11 11:10 AM
Response to Reply #1
6. There is no "mathematical model" at present...
   
It is common sense.

It is common sense for someone that is dumber than a fungus.

For the benefit of lurking half wits here is what life is about and what would probably happen.

When you take on a credit card you contractually obligate yourself to pay off the money lent to you to purchase goods or services.
When a business agrees to accept a credit card they acknowledge the risk of a charge back plus a percentage of the sale to go to the card company.

If this DUmbass got its wish my guess is the card companies would likely take the monies back from the businesses they paid it to.

In turn those businesses would have a few options.
Many would come get your "stuff" that you have just defaulted on.
On top of that some may be forced to go out of business...now before you all celebrate sticking it to them just remember how many suddenly become unemployed by that.
Lastly others will make up the lost revenue by raising prices on their products which you will now be paying.

I will never understand the idiocy of these folks to believe in some version of a money tree.

[I_B_Perky]

kentuck Donating Member (1000+ posts)  Journal Click to send private message to this author Click to view this author's profile Click to add this author to your buddy list Click to add this author to your Ignore list    Sat Jul-09-11 11:02 AM
Original message
Forgive all credit card debts...
   
and watch this economy take off.

If we could get a Democratic majority in the House, that would be something to seriously consider. It would also be a payback of sorts from the big banks to the people that bailed them out.

No doubt, it would put a lot of new spending into the economy. There are few consumers that are not burdened with credit card debt. It was the substitute for wage increases for 20 years. People could pay off their credit card debt with another credit card or they could pay off all their credit cards by re-financing their homes. Those options are no longer available.

I ain't got any credit card debt and I have two. I guess I am one of the "few". Maybe I should go out and buy a bunch of stuff I can't afford so I can be like everyone else. 

Just an FYI Dummy... my salary has more than tripled the last 15 years. I just make sure that I work harder than everyone in my organization and the salary took care of itself.


Idiot Dummy. Example 1 of why these people should not be allowed to vote.

[Rebel]

This is why the nation's economy is f'ed. Too many Keynesian social engineers like these fools running our economy (even Bush toyed with this in his last term). Wanna know why our debt level is so f'ed? Look at their personal financial situations and their "fix".

[thelaughingman]

1. Force credit card companies to forgive all debt
2. Watch the consumer lending industry collapse in a fiery blaze of glory
3. Watch the rest of the economy go with it.


You want a real second Great Depression, DUmmies?  Go with that plan.

Why are people like that allowed anywhere near money and credit cards?

[LC EFA]

kentuck Donating Member (1000+ posts)   Sat Jul-09-11 11:02 AM
Original message
Forgive all credit card debts...

...

...and forget ever having a credit card again.

You think the banks would just write off billions of dollars that they're owed by you dumbasses and have no repercussions ?

Guess again asshole.

[vadawg]

hell i would be happy if we simply limited the interest rates on the damn things, either that or i need to keep my wife away from ferragamo and whatever other brands she loves so much.  Hell one pair of shoes could delouse and refurbish a buick for someone to live in.

[LC EFA]

hell i would be happy if we simply limited the interest rates on the damn things, either that or i need to keep my wife away from ferragamo and whatever other brands she loves so much.  Hell one pair of shoes could delouse and refurbish a buick for someone to live in.

Interest rates on CC's should be determined by the market not the government.  If you want that flashy shit pay the market price. If the company wants to sell it and not go out of business they'll find a price that is acceptable and you'll pay it. No need for the government to get involved at all.


 

[USA4ME]

kentuck

9. "Why would you lend someone money if you might be just giving it away"
   
Why did the taxpayers give all those trillions to the banks??

You didn't answer the question, dimwit.  Try answering the question.

My question is why do you primitives float all these ideas of what to do that'll never happen?  What a waste of time.  But, it does keep you on the computer and away from decent and civilized people, so that's a bonus.

.

[miskie]

My question is why do you primitives float all these ideas of what to do that'll never happen?  What a waste of time.  But, it does keep you on the computer and away from decent and civilized people, so that's a bonus.

If they never happen, they can't be held responsible for the consequences.

[jukin]

I present, without further ado, the most gifted and talented people on the face of the planet.

[Skul]

I present, without further ado, the most gifted and talented people on the face of the planet.

Smartest, too.   

[Big Don]

Forgive all credit card debts...

Brought to you by the I can't be broke, I still have checks school of economics.

[longview]

Oh, hay-ell no!

I accrued some credit card debt when middle child was ill and the best treatment was out of state.  I made my final payment last month.  If I can do it, damn near anyone can.

By jingo - get a job.  Get a second job.  Get a third job and pay your damn bills.  If this old gal can do it, so can you!  Lazy sonsabitches!

[DumbAss Tanker]

kentuck Donating Member (1000+ posts)  Journal Click to send private message to this author Click to view this author's profile Click to add this author to your buddy list Click to add this author to your Ignore list    Sat Jul-09-11 11:02 AM
Original message
Forgive all credit card debts...
   
and watch this economy take off.

If by "Take off" you mean plunge to its death over a cliff, or fly like an imperial Japanese 'Cherry Blossom' suicide rocket plane, yeah.

[Karin]

Kentuck is the stupidest person in the world.  Lurkers, aren't you embarrassed that he's a fellow democrat?  Every post he makes drips with DUmb. 

Since employers will not hire and many will not give any pay increases and they are paying very little, if any, taxes,

  Kentuck thinks that because Obama's buddy GE didn't have a tax liability due to GE Capital's losses, that means that every other company in the country paid no taxes. 

[Karin]

A brilliant DUmp post:

ejpoeta  (1000+ posts)        Sat Jul-09-11 11:21 AM
Response to Original message
17. see, i think what would have been great is if instead of giving banks all that tarp money
 because of the bad cdos.... they could have split it up and given it to every american to pay bills. Those with the subprime mortgages could use it to pay off their mortgages and then that would have taken care of the problem with the bad assets for the banks. wouldn't have had all those foreclosures either. and if you have a problem with just giving it to people, then you could say they had to pay it back with automatic pretax withdrawls from paychecks. or something. i don't know. maybe something to do with income taxes. 

I just thought it was funny, the post not quite thought through.  Or something.