View Poll Results: Should loans be illegal?

Voters
40. You may not vote on this poll
  • Certainly, there is no real need for them.

    3 7.50%
  • Yes they should, we can manage without loans.

    0 0%
  • Hmmm.. Perhaps..

    7 17.50%
  • Naah, why should they?

    2 5.00%
  • Ofcourse not, we need loans to buy stuff we cannot afford.

    5 12.50%
  • No

    23 57.50%
  • something else..(explain)

    0 0%
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Thread: Should loans be illegal?

  1. #11
    Sage

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    Re: Should loans be illegal?

    Borrowing/lending money is a responsibility; the primary cause of todays depression is that both parties abdicated their responsibility.
    Our Congress may have passed laws making credit easier....too easy for too many.
    This is why need need a Congressional Investigation..
    Heads will roll.
    Back to loaning money; back in the 6th century , as I recall, this was not done at all..

  2. #12
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    Re: Should loans be illegal?

    Quote Originally Posted by creativedreams View Post
    But the unpaid is exactly what is snowballing the credit/cost increase for the next person...in insurance, etc.
    So?

    it's a continuing pyramid cycle until somethings got to give.
    Yeah. People stop asking for loans they can't pay for....
    I refuse to accept the view that mankind is so tragically bound to the starless midnight of racism and war that the bright daybreak of peace and brotherhood can never become a reality. - MLK

  3. #13
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    Re: Should loans be illegal?

    Quote Originally Posted by Hatuey View Post
    So?



    Yeah. People stop asking for loans they can't pay for....
    Perhaps it's beyond your comprehension?

  4. #14
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    Re: Should loans be illegal?

    The problem isn't so much the loans on the individual level, but the entire system of credit.

    The government is fully capable of printing it's own currency, but chooses instead to contract this dute out to the 'federal' reserve.

    The federal reserve LOANS the money at interest... The second that the government stopped printing it's own money, it had sold the american people into bondage... an ever increasing debt that can never be repayed.

    Why? Say at present the US owed the federal reserve 100$. Where do they get that 100$? From the federal reserve who is happy to print that 100$, so you pay it back... are you even?? No.. you still owe the interest on that 100$/ Where do you get that interest?? Same place that gave you the debt in the first place.

    yes, individuals can be out of debt, or buried by it... but if EVERYONE paid back every dollar they owe at the same time, you'd run out of money first. That's why the only way to keep the economy afloat is to keep the printing presses hot.

  5. #15
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    Re: Should loans be illegal?

    Quote Originally Posted by creativedreams View Post
    But the unpaid is exactly what is snowballing the credit/cost increase for the next person...in insurance, etc.

    it's a continuing pyramid cycle until somethings got to give.
    I love this analogy, I have been using the words "ponzi scheme" in my conversations lately about this financial collapse. Although it is a bit different in exact mechanism, it behaves similarly.

    I think the effect is avoidable using regulated, responsible lending.

  6. #16
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    Re: Should loans be illegal?

    Quote Originally Posted by Maximus Zeebra View Post
    Why should people be able to loan their way to afford things they cannot afford?
    Because people are willing to lend them money to do so.

    Quote Originally Posted by Maximus Zeebra
    And why should this practice again make other people unable to afford what they really should afford without taking a loan? Because loans bubbles real estate prices. If no one could loan to buy houses, then housing would be adjusted to average savings, but people would need to save money to buy houses and buy houses they could afford, not ones they just loan money for and pay more in interest rates than the real value of the house in a market where people cannot loan to buy. Should a house cost 20-40 years of the average mans life and sweat in the same place?

    Am I just completely wrong in this assessment, or are loans in reality completely unnecessary?
    You're mostly wrong. Housing prices might come down a little bit, but certainly not as much as you are suggesting. What would most likely happen is that a few wealthy people would simply buy up most houses over time since no one else could afford them, and everyone else would be renters.
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  7. #17
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    Re: Should loans be illegal?

    No, loans need to be legal. Without that ability we'd be marxists, it seems like a dumb overreaction to the current crisis.

    I agree with Hatuey completely, if someone, or some business, bites off more than they can chew then **** 'em. That said, the new bankruptcy laws are BS and need to be reformed, along with more investigation and regulation by the govt in the whole financial sector.
    down for you is up

  8. #18
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    Re: Should loans be illegal?

    so loans would be illegal but I still only get paid weekly for my work, or will I start getting paid every minute? Isn't the accrued earnings for my job nothing more then debt?

  9. #19
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    Re: Should loans be illegal?

    Quote Originally Posted by Joby View Post
    No, loans need to be legal. Without that ability we'd be marxists, it seems like a dumb overreaction to the current crisis.
    I wouldn't necessarily go that far. Without the ability to get credit, our economy would be massively shortchanged. Just because credit isn't available doesn't make us Marxists. It just makes us dumb.

    I agree with Hatuey completely, if someone, or some business, bites off more than they can chew then **** 'em.
    That depends on the circumstance. It would be rather cruel to say that to someone who lacks the intelligence to know what they are getting into. But the morons who decided to buy up all of the bad mortgage backed loans without first diving into see how they were funded are idiots and should be left out to dry.

    "let's buy this derivative"
    "what's the revenue stream like?
    "I don't know, let's buy it anyways!"

    Morons...
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  10. #20
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    Re: Should loans be illegal?

    Quote Originally Posted by Maximus Zeebra View Post
    Am I just completely wrong in this assessment, or are loans in reality completely unnecessary?
    I'm sure that preventing borrowing for household consumption is a sensible way to decrease the extent of consumerism.

    But households shouldn't even be allowed to borrow for investment?

    Now that's a great idea if you prefer:
    1. underinvestment in education, health care and housing
    2. a lower standard of living for all but a select few
    3. higher inequality


    Maybe someone with a better understanding of economics could correct me if I'm wrong.

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