All Debt Forgiven: Mass bankruptcy

[Yurt]

now i hear this going to cost us nearly 3 trillion, some bank is going to buy up "bad debt" and who know what else.

how abuot just do a mass bankruptcy or all debt forgiven to the tax payers. instead of stealing our money to continue to buy our bad debt, which we have to still pay back, why not just wipe out the debt....imagine all families with no debt....if they are really concerned about about a stimulus, that would stimulate the economy

just a hair brained thought

[Missileman]

now i hear this going to cost us nearly 3 trillion, some bank is going to buy up "bad debt" and who know what else.

how abuot just do a mass bankruptcy or all debt forgiven to the tax payers. instead of stealing our money to continue to buy our bad debt, which we have to still pay back, why not just wipe out the debt....imagine all families with no debt....if they are really concerned about about a stimulus, that would stimulate the economy

just a hair brained thought

Exactly...give us the 3 trillion and let us pay off our bills...the banks will wind up with most of it the same as if given directly to them but it will actually benefit us taxpayers.

[Little-Acorn]

how abuot just do a mass bankruptcy or all debt forgiven to the tax payers. instead of stealing our money to continue to buy our bad debt, which we have to still pay back, why not just wipe out the debt....imagine all families with no debt....if they are really concerned about about a stimulus, that would stimulate the economy
Sounds good.

Oh, BTW, you know the money you had saved up for your kid's college in a few years? It's gone. The bank no longer owes it to you, cuz all debt is wiped out.

And you remember the 401K you've been paying into for the last 20-30 years, that you intended to live on after you retired. Right, it's bye-bye too. That's OK, you can flip hamburgers past age 80, can't you?

No problem, you say, There's always Social Security.

Ummm... hate to break it to you, but "Wipe out all debt" means just that, or else you haven't solved the original problem. And guess what: All the money you've paid into Social Security, has already been spent by the government, either to pay the people already retired, or to pay for eveything from new carpets in Clinton's former Oval Office to Obama's inauguration. The govt left a bunch of IOU's in the Social Security accounts, but, well, you know... now that all debt is wiped out, they're not worth the paper they were(n't) printed on.

BTW, don't write any more checks. And if you try to use your ATM card, you're in for a surprise. That money in your checking account, was money you "lent" to the bank. Now that nobody owes anybody any more... well, you know. Same for your savings account.

And when you try to cash in those T-bills or stock certificates... hoo boy.

GREAT idea.


just a hair brained thought
Yup.

[Yurt]

i meant personal debt of the taxpayers...

didn't think it would work and the precedent it would set regarding debt would be troubling

but hey, i'm thinking in the trillionaire leagues of obama and his ilk :cool: