Right, I think this is the right place for this thread.
What do posters think about the idea of banks writing off mortgage debt?
Some would say that if it’s a publically owned bank then it’s a bad idea but a private bank can do what it likes.
I don’t think it’s a good idea either way as a state owned bank will be giving away tax payers money and a private bank will be giving away shareholders money.
I also think that there’s no moral case to be made for it and a strong moral case against it.
I bought my house in 2004. I have a massive mortgage and if my wife or I lost our job we’d lose the house. I am still 100% against any form of publically funded debt forgiveness and here’s a few reasons why;
1) I’m an adult and therefore I am responsible for my own actions.
2) I’m an adult and therefore I should not expect my neighbour to pick up the tab for my bad financial decisions (and if you didn’t know you were buying a house in a bubble and it would lose a large percentage of its value then you are a fool, pure and simple).
3) I only have one Mammy and as I am an adult I don’t expect her to wipe my posterior or tell the bold children (or banks, or tax-man) to go away. Therefore I don’t expect the state or my neighbour to be my Mammy either.
To those out there that think it’s a good idea I have this to say;
We are all adults and should act accordingly.
I’m disgusted that there are still people out there who want to behave like children.
What do posters think about the idea of banks writing off mortgage debt?
Some would say that if it’s a publically owned bank then it’s a bad idea but a private bank can do what it likes.
I don’t think it’s a good idea either way as a state owned bank will be giving away tax payers money and a private bank will be giving away shareholders money.
I also think that there’s no moral case to be made for it and a strong moral case against it.
I bought my house in 2004. I have a massive mortgage and if my wife or I lost our job we’d lose the house. I am still 100% against any form of publically funded debt forgiveness and here’s a few reasons why;
1) I’m an adult and therefore I am responsible for my own actions.
2) I’m an adult and therefore I should not expect my neighbour to pick up the tab for my bad financial decisions (and if you didn’t know you were buying a house in a bubble and it would lose a large percentage of its value then you are a fool, pure and simple).
3) I only have one Mammy and as I am an adult I don’t expect her to wipe my posterior or tell the bold children (or banks, or tax-man) to go away. Therefore I don’t expect the state or my neighbour to be my Mammy either.
To those out there that think it’s a good idea I have this to say;
We are all adults and should act accordingly.
I’m disgusted that there are still people out there who want to behave like children.