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Author Topic: Why can't the government nationalize tha banks and cancel the debt?  (Read 6168 times)

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Offline asdf2231

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Why can't the government nationalize tha banks and cancel the debt?
« on: October 06, 2008, 03:29:55 PM »
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An Intellectual (209 posts)      Mon Oct-06-08 03:54 PM
Original message
Why can't the government nationalize tha banks and cancel the debt?

Why does our right-wing government (Congressional Democrats included) refuse to look at the most obvious solution?

EDIT: By "debt" I mean every mortgage in the United States. Would the sky fall? No! Would millions of Americans own their own homes? Yes! Would fat cat CEOs be left poorer? Yes.
  :thatsright:

Quote
dmallind (1000+ posts)      Mon Oct-06-08 03:56 PM
Response to Original message
2. Cancel what debt?
 Sincere question - which debts should be cancelled?



Quote
An Intellectual (209 posts)      Mon Oct-06-08 03:57 PM
Response to Reply #2
4. They should cancel the mortgage debt.


Quote
EOTE (1000+ posts)      Mon Oct-06-08 03:57 PM
Response to Original message
5. Can you explain to me how that would work?
 I admit that economics confuses the hell out of me. For me, it's beyond comprehension that debt can simply be cancelled. I'm very interested to know how this would work. Any information you can provide would be appreciated. Thanks.


Quote
An Intellectual (209 posts)      Mon Oct-06-08 03:59 PM
Response to Reply #5
7. No problem!
 Edited on Mon Oct-06-08 04:06 PM by An Intellectual
The government would assume control of the financial institutions, paying shareholders face value for their shares. For it's first act as owner of the banks, it would forgive every mortgage.

Sure, the fat cat CEOs would be upset, but isn't that a good thing?

EDIT: I initially said the government should only forgive the troubled mortgages.

 
Quote
DangerDave921 (1000+ posts)      Mon Oct-06-08 04:02 PM
Response to Reply #7
8. What are you talking about?
 So let me get this straight. I continue paying my mortgage every month for the next 25 years to own my house, while those in debt just get their mortgage canceled? Do they get to keep the house? If so, then you're giving free houses to people.

I just don't comprehend what you're suggesting.

Quote
An Intellectual (209 posts)      Mon Oct-06-08 04:03 PM
Response to Reply #8
10. Good point, the government should probably forggive every mortgage. Honestly...
 ... what would happen? Would the sky fall? No.

Millions of families would own their own homes; that's what would happen.





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Offline franksolich

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Re: Why can't the government nationalize tha banks and cancel the debt?
« Reply #1 on: October 06, 2008, 03:31:43 PM »
The intalecktul primitive ain't very sarebrel, is he?
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Offline Rebel

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Re: Why can't the government nationalize tha banks and cancel the debt?
« Reply #2 on: October 06, 2008, 03:38:56 PM »
....and this is why there should be limitations on those that vote. Educational, whatever.   :whatever:
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Offline Chris_

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Re: Why can't the government nationalize tha banks and cancel the debt?
« Reply #3 on: October 06, 2008, 03:41:44 PM »
Quote
An Intellectual (209 posts)      Mon Oct-06-08 03:54 PM
Original message
Why can't the government nationalize tha banks and cancel the debt?

Why does our right-wing government (Congressional Democrats included) refuse to look at the most obvious solution?

EDIT: By "debt" I mean every mortgage in the United States. Would the sky fall? No! Would millions of Americans own their own homes? Yes! Would fat cat CEOs be left poorer? Yes.

Sure, the Gubmint can do that - if'n you're okay with paying $300-$500 for a loaf of bread, Dipshit.

Ever hear the phrase "Full Faith and Credit of the United States Government"?  Remember what that phrase was being used in conjunction with, when you heard it?  It was your MONEY, retard!  That is what backs YOUR MONEY.  So what do you think is going to happen to "The Full Faith and Credit of the United States Government" if the United States Government tells every limp-dick that it pressured into making BAAAAAAD -PC based- loan decisions, that those loans that it pressured the lenders to make are no longer owed back to those lenders?  Those same lenders that tend to buy up the same Government Securities that finance the drunken spending sprees the assclowns up in Congress like to go on so frequently?  


BZZZZZZZZZZZZZZT!! Wrong again, DUmbass.  

That "Full Faith and Credit" would go right in the toilet.  The money backed by that "Full Faith and Credit" would become worthless.  Overnight.  Inflation would launch into geosynchronous orbit, with the consumer interest rates not far behind it.  The Great Depression that y'all seem to want to drive the US back to would seem like good times, compared to the hell we would go through if some shit-for-brains politician with a ****in' megalomaniacal Messiah complex were to pull a move that stupid.
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Offline BEG

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Re: Why can't the government nationalize tha banks and cancel the debt?
« Reply #4 on: October 06, 2008, 03:42:24 PM »
This person can't be for real can they?  Actually the OP sounds like my brother.  Jeff is that you?!?
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Offline Ralph Wiggum

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Re: Why can't the government nationalize tha banks and cancel the debt?
« Reply #5 on: October 06, 2008, 03:49:12 PM »
I'm pretty sure that "An Intellectual" is a mole.  He/she/it was getting absolutely roasted in a thread last Friday.
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Offline Vagabond

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Re: Why can't the government nationalize tha banks and cancel the debt?
« Reply #6 on: October 06, 2008, 03:51:50 PM »
Why would that even be a necessity?  Mortages are performing at a rate of around 97% right now.   I think people are really missing something.  The Fed has done what it needed to do and a lot of Fat Cats really aren't very fat anymore.  Look at the bubbles in housing, petroleum, commodities, and food commodities have all been popped.

In fact, looking over the markets this evening, there looks like a bunch of good opurtunities available for right now.

Further, the fed could issue $20 trillion in T-bills tonight and come out looking great.  I'm talking financing all operations of the US government looking great.  From the level of the US government, there has never, ever been a better time and I'm not sure congress shouldn't.  No need to worry about inflation either, everybody and their brother wants money and especially US money, and they are selling valuable stuff for pennies to get it.

Check out how the dollar is performing over the last 2 and 1/2 months against virtually every other currency, that is the tail of the tape.  The dollar is roaring back.  The Euro is in danger of falling apart, right along with the European Union.
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Offline JohnnyReb

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Re: Why can't the government nationalize tha banks and cancel the debt?
« Reply #7 on: October 06, 2008, 03:59:36 PM »
Yeah, sure, why not. Now the gum-a-mint owns your home and they'll drop off 3 more families to live with you next week. ....probably be on the truck that drops off your allotted weekly bucket of mush.
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Re: Why can't the government nationalize tha banks and cancel the debt?
« Reply #8 on: October 06, 2008, 04:06:57 PM »
Quote from: franksolich on October 06, 2008, 03:31:43 PM
The intalecktul primitive ain't very sarebrel, is he?

 :rotf: :lmao: :rotf: :lmao: :rotf: :lmao: :rotf: :lmao:

I very nearly spat out my mouthful of Harvest Moon beer at that!  H5, sir!

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Offline Vagabond

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Re: Why can't the government nationalize tha banks and cancel the debt?
« Reply #9 on: October 06, 2008, 04:11:50 PM »
Quote from: JohnnyReb on October 06, 2008, 03:59:36 PM
Yeah, sure, why not. Now the gum-a-mint owns your home and they'll drop off 3 more families to live with you next week. ....probably be on the truck that drops off your allotted weekly bucket of mush.
That's the beauty of it.  The government wouldn't own your home.  The government wouldn't even own the financial instrument to your home.  The Federal Reserve might own the financial instrument on your home that it would make money on via interest and appreciation.  The Federal Reserve pays money into the Treasury on this stuff it makes interest on.  

The Federal Reserve would make this money back because T-bills are currently below 2% while most of these financial instruments are performing at above 6% and are extememly undervalued.  This means the Federal Reserve could buy low, sell high, and make a killing in the in between off of interest.  It would more than finance itself, it would end up paying for the federal government.

Further, our country isn't the only one with these problems and it isn't just instruments relating to housing that can be bought up like this.  Like I'm saying, the Federal Reserve could make a killing of the sort we would love.

As for fears about the money injection using T-bills.  If everyone is buying them, and a yield of 1% or less means they are, then there is no danger of inflation.

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Offline franksolich

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Re: Why can't the government nationalize tha banks and cancel the debt?
« Reply #10 on: October 06, 2008, 04:12:59 PM »
Quote from: Ralph Wiggum on October 06, 2008, 03:49:12 PM
I'm pretty sure that "An Intellectual" is a mole.  He/she/it was getting absolutely roasted in a thread last Friday.

See, that's a problem with amateur moles.

Decent and civilized people tend to be more creative, more individualistic, than primitives.

And their creativity gives them away.

I frankly suggest anyone wishing to be a mole first study the Primitives of Prominence and their comments, and then use those as a "template" for their own comments.  Don't try to be creative or especially remarkable; just copy-and-paste comments of Primitives of Prominence, and alter the wording a little bit,
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Offline miskie

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Re: Why can't the government nationalize tha banks and cancel the debt?
« Reply #11 on: October 06, 2008, 04:18:29 PM »
Quote from: franksolich on October 06, 2008, 03:31:43 PM
The intalecktul primitive ain't very sarebrel, is he?

Well played :D - I wanted to comment that your understanding of phonetics is really quite good - Your (mis)spelling of these words are almost perfect sounding when read out loud. H5
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Offline USA4ME

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Re: Why can't the government nationalize tha banks and cancel the debt?
« Reply #12 on: October 06, 2008, 04:19:50 PM »
If it is a mole, it is something that, if offered up by a more promenent primitive, or even Skinner himself, would have been accepted.  We've seen more than enough posts over there saying that owning private property should be illegal.

.
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Offline Carl

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Re: Why can't the government nationalize tha banks and cancel the debt?
« Reply #13 on: October 06, 2008, 04:44:00 PM »
Quote from: USA4ME on October 06, 2008, 04:19:50 PM
If it is a mole, it is something that, if offered up by a more promenent primitive, or even Skinner himself, would have been accepted.  We've seen more than enough posts over there saying that owning private property should be illegal.

.

Plenty over there as well that believe a house should be considered a right and provided to them in the same vein as their wishes for free health care.
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Offline GOBUCKS

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Re: Why can't the government nationalize tha banks and cancel the debt?
« Reply #14 on: October 06, 2008, 04:48:24 PM »
Quote
An Intellectual (209 posts)      Mon Oct-06-08 03:54 PM
Original message
Why can't the government nationalize tha banks and cancel the debt?


I hope this is a mole. If not, it may be the first indicator that Barney Frank is a poster at the DUmp.
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Offline Chris_

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Re: Why can't the government nationalize tha banks and cancel the debt?
« Reply #15 on: October 06, 2008, 04:49:45 PM »
Quote from: GOBUCKS on October 06, 2008, 04:48:24 PM
Quote
An Intellectual (209 posts)      Mon Oct-06-08 03:54 PM
Original message
Why can't the government nationalize tha banks and cancel the debt?


I hope this is a mole. If not, it may be the first indicator that Barney Frank is a poster at the DUmp.

It didn't POST with a lisp...  :lmao:
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Offline apeanut99

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Re: Why can't the government nationalize tha banks and cancel the debt?
« Reply #16 on: October 06, 2008, 05:22:39 PM »
I want a forgiven mortgage.  Can I please have a house?!?!?!?!
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Offline jtyangel

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Re: Why can't the government nationalize tha banks and cancel the debt?
« Reply #17 on: October 06, 2008, 08:36:54 PM »
 :banghead: :banghead: :banghead: :hammer:
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Offline Chris_

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Re: Why can't the government nationalize tha banks and cancel the debt?
« Reply #18 on: October 06, 2008, 09:12:17 PM »
If Saint O wins and decides to do this can someone give me a heads up?

I want to run back down to Sarasota and pick up a real nice
McMansion on Sarasota Bay.  :naughty: :lmao:
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Offline asdf2231

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Re: Why can't the government nationalize tha banks and cancel the debt?
« Reply #19 on: October 06, 2008, 09:21:40 PM »
Remember kids...

Under Saint Obama Of The Empty Suit Dead Beat home owners won't be perfect.

They'll just be forgiven.  :innocent:
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Re: Why can't the government nationalize tha banks and cancel the debt?
« Reply #20 on: October 07, 2008, 01:14:24 AM »
Quote
An Intellectual (209 posts)      Mon Oct-06-08 03:54 PM
Original message
Why can't the government nationalize tha banks and cancel the debt?


The perfect example of an oxymoronic name.  :whatever:

Ok...just for a second lets make a wild assumption and assume the afforementioned DUmmie has a job...his employer has hit hard times and cant make payroll. Would this 'intellectual' be willing to 'cancel' his employers 'debt' to him? Somehow I doubt it.
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Offline Wineslob

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Re: Why can't the government nationalize tha banks and cancel the debt?
« Reply #21 on: October 07, 2008, 09:55:15 AM »
Quote from: franksolich on October 06, 2008, 04:12:59 PM
See, that's a problem with amateur moles.

Decent and civilized people tend to be more creative, more individualistic, than primitives.

And their creativity gives them away.

I frankly suggest anyone wishing to be a mole first study the Primitives of Prominence and their comments, and then use those as a "template" for their own comments.  Don't try to be creative or especially remarkable; just copy-and-paste comments of Primitives of Prominence, and alter the wording a little bit,


Frank, that would take thought...........................
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Offline DumbAss Tanker

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Re: Why can't the government nationalize tha banks and cancel the debt?
« Reply #22 on: October 07, 2008, 10:01:24 AM »
Quote
An Intellectual (209 posts)      Mon Oct-06-08 03:54 PM
Original message
Why can't the government nationalize tha banks and cancel the debt?


Gotta be either a mole or someone who thinks the Soviet stamped aluminum Rubles were a 'hard currency.'  I guess intellectuals aren't expected to have ever taken an Econ or Modern History course before claiming the mantle.

 :loser:
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Re: Why can't the government nationalize tha banks and cancel the debt?
« Reply #23 on: October 07, 2008, 10:03:55 AM »
Quote from: apeanut99 on October 06, 2008, 05:22:39 PM
I want a forgiven mortgage.  Can I please have a house?!?!?!?!
Oooh! Me Too! :-)
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Re: Why can't the government nationalize tha banks and cancel the debt?
« Reply #24 on: October 07, 2008, 10:32:33 AM »
Quote from: DumbAss Tanker on October 07, 2008, 10:01:24 AM


Gotta be either a mole or someone who thinks the Soviet stamped aluminum Rubles were a 'hard currency.'  I guess intellectuals aren't expected to have ever taken an Econ or Modern History course before claiming the mantle.

 :loser:

They don't teach that anymore in the publik skewlz.
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