[Cog]

How easily some of you are to give up your integrity, since this is the one thing that no one can take away from you.

[AlexdeLarge]

"The Lenders should go to jail first."

Let me clarify. The Bankers and mortgage brokers who did not "document" the incomes and did not require a sufficient down payment and confirm a realistic value of the property before making a loan violated their fiduciary obligations to the depositors of the bank.

Yes, there may have been legal loopholes (They helped write the loopholes) ....but that does not suffice. They knew that these loans would eventually default but did not care. They got their commission and transfered the soon to be worthless paper to F and F.

The bankers and mortgage brokers, the appraiser that looked the other way and over inflated values, the wall street cronies and even the fools F & F were all in on the scam. They raked in billons and now the tax payer may have to foot the bill.

Frankly....I think its criminal and they should be punished. Send the bastards to jail.

I'm not the only one who feels this way
Criminal Market Manipulation - Example "A" - And More

[vision-master]

$this->bbcode_second_pass_quote('GASMON', 'B')est way is to equalise debt with savings. Say you have £1000 savings with bank A, then also have £1000 debt with same bank. If the bank folds, your even.

[Kristen]

If you stop paying debt, they will garnish wages, empty bank accounts and who knows what else.

[CrudeAwakening]

$this->bbcode_second_pass_quote('MrBill', 'A') garage and a nail? Luxury! When I was young we were lucky if we got a tarp and a piece of string to hang our rusty spoon on. We couldn't afford a real shovel. And a hole? We used to dream we could have our own hole. We had to make due with sharing a drainage channel with ten other families. And that were a five mile walk from our home. I say home, but really it was two-pieces of plywood and a torn jacket for a door. Mind you we were lucky to have a roof over our heads. Especially when winter lasted 9-months and it was dark most days. Tell folks what a luxury it is to have a shovel on a nail in the garage these days and they all think it is a right and not a privilege.

[Micki]

OK, let's play with the thought and assume you want to cream the system and you don't end up in a debtors prison;
What you need to do is get as much credit cards (and maximize limits), lines of credit, loans etc that you can.
Buy something that retains value, like gold (or whatever you think is better), for the lot.
Rent storage, move all your furniture things there (pay cash and don't keep any receipts and don't make them any phone calls.)
Gold etc. is preferably dug into ground somewhere where it is unlikely to be found by anyone else.
Stop paying all your bills, interest on loans etc. Keep the cash or buy more valuables.
Once they come to repossess your things, it is all gone.
You go bancrupt, but have hidden hopefully heaps of valuables that they can't get their hands on.
After this, you cannot purchase anything that indicates you have any money stashed away or it must look like someone else owns it until you are in the clear again.

If you get the timing right you can send a container with all your stuff to a low cost country where you then arrive with your gold to wait off the 7-8 years it normally takes to restore credit, sipping pina coladas on the beach.

Disclaimer; don't take any of the advise seriously and don't do anything described in the above imaginary scenario. If they can't convict you they'll probably come after me for having talked you into it.

[cube]

$this->bbcode_second_pass_quote('vision-master', '')$this->bbcode_second_pass_quote('', 'S')top paying your CCs.

[Pretorian]

$this->bbcode_second_pass_quote('cube', '')$this->bbcode_second_pass_quote('vision-master', '')$this->bbcode_second_pass_quote('', 'S')top paying your CCs.

[cube]

[vision-master]

$this->bbcode_second_pass_quote('Pretorian', '')$this->bbcode_second_pass_quote('cube', '')$this->bbcode_second_pass_quote('vision-master', '')$this->bbcode_second_pass_quote('', 'S')top paying your CCs.

[Starvid]

$this->bbcode_second_pass_quote('kpeavey', 'D')ebt, as defined by Chris Martensen in his Crash Course video series, is a claim on future human labor.
When the money goes down, the only way to recover the debt will be to be place the debtor into indentured servitude until the debt is repaid.
You owe the credit card company. The credit card company owes the bank. The bank owes the Federal Reserve.
The Federal Reserve becomes the de facto clearing house for conscription. Get the hell out of debt.

[Starvid]

When it comes to the issue at hand, well...

People who take on debt they can't repay: fools who deserve what they get.

Banks who loan money to people who can't pay it back: fools who deserve what they get.

People who hold shares in banks who loan money to people who can't repay their debts: fools who deserve what they get.

So the question really boils down to either letting the market punish the fools at a cost of having a more unstable financial system (which is bad also for non-fools), or strictly regulating/outlawing consumer credit.

Thoughts on this?

[Dreamtwister]

$this->bbcode_second_pass_quote('Starvid', '')$this->bbcode_second_pass_quote('Dreamtwister', '')$this->bbcode_second_pass_quote('Nicolo Machiavelli', 'T')herefore a wise lord cannot, nor ought he to, keep faith when such observance may be turned against him, and when the reasons that caused him to pledge it exist no longer. If men were entirely good this precept would not hold, but because they are bad, and will not keep faith with you, you too are not bound to observe it with them.

-The Prince, chapter 18

[LoneSnark]

$this->bbcode_second_pass_quote('', 'Y')ou are an American citizen so by default that means YOU are liable for any debts incurred by the United States federal government.

[Ludi]

$this->bbcode_second_pass_quote('Kristen', 'I')f you stop paying debt, they will garnish wages, empty bank accounts and who knows what else.

[Starvid]

$this->bbcode_second_pass_quote('Dreamtwister', '')$this->bbcode_second_pass_quote('Starvid', '')$this->bbcode_second_pass_quote('Dreamtwister', '')$this->bbcode_second_pass_quote('Nicolo Machiavelli', 'T')herefore a wise lord cannot, nor ought he to, keep faith when such observance may be turned against him, and when the reasons that caused him to pledge it exist no longer. If men were entirely good this precept would not hold, but because they are bad, and will not keep faith with you, you too are not bound to observe it with them.

-The Prince, chapter 18

[Starvid]

$this->bbcode_second_pass_quote('Ludi', '')$this->bbcode_second_pass_quote('Kristen', 'I')f you stop paying debt, they will garnish wages, empty bank accounts and who knows what else.

[Micki]

$this->bbcode_second_pass_quote('Starvid', '')$this->bbcode_second_pass_quote('Ludi', '')$this->bbcode_second_pass_quote('Kristen', 'I')f you stop paying debt, they will garnish wages, empty bank accounts and who knows what else.