Here is the thing. So many people are walking away from their houses. So many people are filing for bankruptcy. People are just not paying their credit cards, their car payments, ect. How long...or should I say how many people have to do this before the government says "Hey, you cant ALL just walk away from your debts!" These people they cant just throw in jail because the jails are already underfunded and overcrowded. They are already releasing prisoners because they cant support them. So if a man knows the government will not throw him in jail for his lack of debt payment because the jails are too full/underfunded, why would he pay his debt? Well, i think the government would have to produce labor camps. Make the debtors pay their debts in these camps. They would be paid a fair wage, BUT...the government would overcharge them for housing/feeding these people which would make their real wage very low and thus take a long time to pay off the debt. The government would justify it by saying these people need to learn a lesson about paying your debt. The government would also get our manufacturing up by forcing these people to do labor and the labor that these people do would fund the labor camps (basically prisons) they are in. Only difference is that there would be no murderers/rapists/violent offenders in these camps. How many people will need to walk away from their debt before this happens? Surely the government will not let EVERYONE walk away.
I agree that in one form or another, this is what we are facing in the future. In fact, one way to get people back to work is to coax them into investing in an asset that you can easily deflate *wink*.
Not paying your mortage or credit card is not a crime you idiot and we have this thing called bankruptcy as well for these matters. In fact, in some states walking away from your mortgage doesn't even allow the lender to get a judgement.
Oh you are so right and so smart! Why didnt I think of that! bankruptcy! I mean bankruptcy makes debt magically go away and NOBODY gets hurt. Wow...you are so smart! Maybe you should write to the president and tell him about this bankruptcy thing and thats what we should do with the national deficit. I mean we could be free from that debt tommorrow! Wow Mike...you are just so smart. Ok...now I'm turning my sacrasm off and telling you that you completely missed the entire point of the article i wrote. I would try to explain it to you more simply, but i just think you would not get it.
What do they do with children of prisoners today. Send them to live with relatives or put them in a group home. And not every debtor would go to those labor camps. Only the ones that will not or can not pay their bills.
how can people pay off their debts if there isn't sufficient money in circulation for all of us to pay off our debts? isn't this injustice? don't you realize our economic/banking system is a game of musical chairs? the banking mafia artificially makes money scarce and those not capable of grabbing sufficient money from circulation to pay off debt will be the losers in this game.... and will end up in concentration camps.
I am all for it. Let's start with the people who are the biggest debtors. Let's get the list of TARP recipients, and might as well add Paulson, Geithner, toss in Greenspan and Bernanke for good measure. Who else?
Its funny too about these people that say they cant pay off their debts because they dont have the money. I saw this TV program about a guy that started a debt collection company called "thug collections" They did alot of illegal stuff to get people to pay their bills. They pretended to be police officers and called these people and said they were sending an officer over to thier house to arrest him because of an unpaid debt. The "officer" then told them if they paid the debt collector they would revoke the bench warrent and they would not go to jail then. It was amazing how fast a "broke" person could come up with the money.