View Poll Results: Is there a moral obligation to repay money you borrow?

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  • If you borrow money, you are morally obligated to repay it.

    110 34.48%
  • I feel no moral obligation to repay loans I've taken out

    209 65.52%
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Thread: Are you morally obligated to repay a loan that you take?[W:461]

  1. #851
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    Re: Are you morally obligated to repay a loan that you take?[W:461]

    Quote Originally Posted by Papa bull View Post
    These bankruptcies were the foundation of the financial crisis and subsequent "great recession". We ALL paid for these defaults.
    No, no, no... Bankruptcies have nothing to do with the recession. Some on the right argue that US borrowers taking out overly large mortgages and then being unable to pay them played some role in the recession, but most economists don't consider that one of the major causes at all. Keep in mind that the recession was global, so nothing that occurred only in the US is likely to be a primary cause. The reason that whole mortgage line is popular in a certain segment of the population in the US has more to do with the fact that they prefer to spin the recession as somehow being poor people's fault when obviously that is pretty absurd that poor people would somehow trash an economy almost entirely controlled by rich people.

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    Re: Are you morally obligated to repay a loan that you take?

    I spent 20 years working as a loan collector for people who did not accept non payment for any reason. I had no problem with my conscience either because IMO when you take someone's money and promise to pay it back the contract is written in blood. "If you can't do the time don't do the crime".

  3. #853
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    Re: Are you morally obligated to repay a loan that you take?[W:461]

    Quote Originally Posted by tuhaybey View Post
    No, no, no... Bankruptcies have nothing to do with the recession. Some on the right argue that US borrowers taking out overly large mortgages and then being unable to pay them played some role in the recession, but most economists don't consider that one of the major causes at all. Keep in mind that the recession was global, so nothing that occurred only in the US is likely to be a primary cause. The reason that whole mortgage line is popular in a certain segment of the population in the US has more to do with the fact that they prefer to spin the recession as somehow being poor people's fault when obviously that is pretty absurd that poor people would somehow trash an economy almost entirely controlled by rich people.
    The huge financial crisis that spawned this recession wasn't the fault of poor people. It was the fault of deadbeats. Millions and millions of them. Some were poor and some weren't.
    You can't reason anyone out of a position they didn't reason themselves into in the first place.

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    Re: Are you morally obligated to repay a loan that you take?[W:461]

    Quote Originally Posted by Papa bull View Post
    The huge financial crisis that spawned this recession wasn't the fault of poor people. It was the fault of deadbeats. Millions and millions of them. Some were poor and some weren't.
    Again, no, that is false, as I explained.

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    Re: Are you morally obligated to repay a loan that you take?[W:461]

    Quote Originally Posted by tuhaybey View Post
    Again, no, that is false, as I explained.
    Denial doesn't explain anything: Massive Foreclosures Continue to Fuel Recession

    Denial is just denial.



    entral Cause of Credit Market and Economic Woes Gains Momentum
    FOR IMMEDIATE RELEASE Contact: Jesse Van Tol (202) 464-2709
    April 16, 2009 jvantol@ncrc.org
    Massive Foreclosures Continue to Fuel Recession
    Central Cause of Credit Market and Economic Woes Gains Momentum
    Washington, DC – Mounting foreclosure numbers released today reinforce the reality that the economic crisis gripping the nation is far from over. In March, more than 340,000 homes fell into foreclosure according to Realty Trac, a 46% increase from March 2008. Foreclosures are, and have been, the epicenter of the collapse of the housing and credit markets and overall economy. Throughout 2007 and 2008, forecasts saw a near-term bottoming out of the nation’s economic woes, only to be contradicted by the reality that the credit markets and economy will continue to sour until the foreclosure crisis abates.

    President Obama recently unveiled the most comprehensive and aggressive foreclosure prevention program to date, the Making Home Affordable Program (MHAP). But, the possible effects of MHAP on foreclosures are not yet known since it is not yet fully operational. Several programmatic aspects of the plan are being re-examined and possibly refined. These issues include, but are not limited to, providing better guidance on the treatment of second liens and unaffordable loan principal balances, interest rate increases after the first five years of loan modification, protection of servicers from possible law suits when performing loan modifications and the voluntary nature of the program from the perspective of investors.
    Last edited by Papa bull; 01-29-15 at 08:56 AM.
    You can't reason anyone out of a position they didn't reason themselves into in the first place.

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    Re: Are you morally obligated to repay a loan that you take?[W:461]

    Quote Originally Posted by Papa bull View Post
    Denial doesn't explain anything: Massive Foreclosures Continue to Fuel Recession

    Denial is just denial.
    That is about foreclosures, not defaults. They're arguing that banks need to be stopped from foreclosing, which I would certainly agree they should have been at least until the recession abated a bit.

    Anyways, they aren't saying foreclosures are the cause of the recession, they say that they are one of the things prolonging the recession, which I would agree with.

    Don't just assume you know what caused the recession based on what you heard on talk radio or conservative blogs or whatever. Obviously they're going to come up with some kind of "the little guy did it" explanation when the big guys do something wrong, right? That doesn't make it so.

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    Are you morally obligated to repay a loan that you take?[W:461]

    Quote Originally Posted by tuhaybey View Post
    That is about foreclosures, not defaults. They're arguing that banks need to be stopped from foreclosing, which I would certainly agree they should have been at least until the recession abated a bit.

    Anyways, they aren't saying foreclosures are the cause of the recession, they say that they are one of the things prolonging the recession, which I would agree with.

    Don't just assume you know what caused the recession based on what you heard on talk radio or conservative blogs or whatever. Obviously they're going to come up with some kind of "the little guy did it" explanation when the big guys do something wrong, right? That doesn't make it so.
    Wow. The denial is strong with you. Even putting it in bold, highlighted text from a source liberals should trust didn't stop the denial.
    You can't reason anyone out of a position they didn't reason themselves into in the first place.

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    Re: Are you morally obligated to repay a loan that you take?[W:461]

    Quote Originally Posted by Papa bull View Post
    Wow. The denial is strong with you. Even putting it in bold, highlighted text from a source liberals should trust didn't stop the denial.
    Re-read your source. It is saying what I explained.

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    Re: Are you morally obligated to repay a loan that you take?[W:461]

    Quote Originally Posted by tuhaybey View Post
    Re-read your source. It is saying what I explained.
    What part of this are you unable to comprehend:

    "Foreclosures are, and have been, the epicenter of the collapse of the housing and credit markets and overall economy."

    Tell me which big words are confusing you and I'll see if I can help you understand what they mean.
    You can't reason anyone out of a position they didn't reason themselves into in the first place.

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    Re: Are you morally obligated to repay a loan that you take?[W:461]

    Quote Originally Posted by Papa bull View Post
    Wow. The denial is strong with you. Even putting it in bold, highlighted text from a source liberals should trust didn't stop the denial.
    Your source is like 5 years old. What applied in 2009 may not be applicable in 2015 as far as the economy goes.

    “The most effective preventative vaccine for the blight caused by vacant, abandoned foreclosures has proven to be a short and efficient foreclosure process,” said Daren Blomquist, vice president at RealtyTrac. “Meanwhile, markets with lengthy and lengthening foreclosure timelines have unintentionally created a zombie foreclosure breeding ground.As we see a backlog of delayed distress finally hit the foreclosure pipeline in some of those markets, the problem is coming more to light.” Zombie Foreclosures Still A Problem in Many States | Mortgage Blog | Mortgage Information & Tips | Mortgage101 Blog

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