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. #1
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    Should loans be illegal?

    I just read an interesting article about loans and how they are tightening procedures now and how companies are loaning more than ever. But why do we really need loans? Are they really necessary, or just contributing to the bubbles that we do not need?

    Why should people be able to loan their way to afford things they cannot afford? 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?
    Last edited by Maximus Zeebra; 01-20-09 at 07:17 PM.
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  2. #2
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    Re: Should loans be illegal?

    Loans are the very cornerstone of our consumer economy. Without loans, everyday citizens would find it difficult if not impossible to buy a house or car. Houses cost hundreds of thousands of dollars, putting them simply beyond the reach of millions of people without loans. Car ownership would plummet.
    Loans certainly have their downsides, but they not something we can do without.

  3. #3
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    Re: Should loans be illegal?

    Quote Originally Posted by rathi View Post
    Loans are the very cornerstone of our consumer economy. Without loans, everyday citizens would find it difficult if not impossible to buy a house or car. Houses cost hundreds of thousands of dollars, putting them simply beyond the reach of millions of people without loans. Car ownership would plummet.
    Loans certainly have their downsides, but they not something we can do without.
    No.. You dont understand what I am saying.. If there was no loans the prices would be much cheaper as compared with now.. House prices would collapse, car prices would collapse.. But people would have to save to buy houses and cars rather than buy it with money they do not have..
    But this is impossible now, you HAVE to get loans if you are an average person, to buy something like a house. If the market was more adapted to wages and not loan bubbles and bubbled loan prices for houses, then it would be possible to save your wages and buy a house after perhaps some years of work, if you were a good saver.

    Supply and demand and prices, money supply and demand would fall, so would prices for housing.

    But why should people be able to buy stuff they cannot afford? Really? Why? Isnt a cornerstone of the American society supposed to be "work hard to earn your ways"?
    Last edited by Maximus Zeebra; 01-20-09 at 07:31 PM.
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  4. #4
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    Re: Should loans be illegal?

    Quote Originally Posted by Maximus Zeebra View Post
    No.. You dont understand what I am saying.. If there was no loans the prices would be much cheaper as compared with now.. House prices would collapse, car prices would collapse.. But people would have to save to buy houses and cars rather than buy it with money they do not have..
    But this is impossible now, you HAVE to get loans if you are an average person, to buy something like a house. If the market was more adapted to wages and not loan bubbles and bubbled loan prices for houses, then it would be possible to save your wages and buy a house after perhaps some years of work, if you were a good saver.

    Supply and demand and prices, money supply and demand would fall, so would prices for housing.

    But why should people be able to buy stuff they cannot afford? Really? Why? Isnt a cornerstone of the American society supposed to be "work hard to earn your ways"?
    Consider the amount of money it takes to build a house.

    Even if you were to charge just basic cost (labor, materials) and nothing else, most americans would not be able to buy a house.
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  5. #5
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    Re: Should loans be illegal?

    In my view, financial bubbles are created when loan companies no longer are able to recognize the true risk, and then make loans to entities that have a higher potential of defaulting than they recognize. This, coupled with aggressive lending leverages society to a point where, when a normal downturn arrives, exacerbates that problem into a major downturn.

    Because it is the nature of financial companies to walk society down this path, it is important that they be regulated. But, loans should remain legal. They serve society's interest by making us more prosperous.

  6. #6
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    Re: Should loans be illegal?

    Quote Originally Posted by Maximus Zeebra View Post
    I just read an interesting article about loans and how they are tightening procedures now and how companies are loaning more than ever. But why do we really need loans? Are they really necessary, or just contributing to the bubbles that we do not need?

    Why should people be able to loan their way to afford things they cannot afford? 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?
    Very interesting...I believe many things would be far better off if we could go back in time and outlaw any form of credit.

    Not sure if it is possible now?

    many credit debts are constantly unpaid and keep snowballing to form a dangerous economy that could collapse and form a depression far worse than the "Great Depression".... perhaps that is a big part of what is going on today!

  7. #7
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    Re: Should loans be illegal?

    Should people be free to enter into agreements without approval of the will of the majority?

    Maybe in eurotrashland not, but I hope that idiocy never comes to this shore.

  8. #8
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    Re: Should loans be illegal?

    Quote Originally Posted by ARealConservative View Post
    Should people be free to enter into agreements without approval of the will of the majority?

    Maybe in eurotrashland not, but I hope that idiocy never comes to this shore.
    basically credit is still a form of the illegal loan-sharking...isn't it?

  9. #9
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    Re: Should loans be illegal?

    Why should they be illegal? Two entities enter into a legal agreement. Both parties agree to the terms. If the side that can't pay fails to pay **** em.
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    Re: Should loans be illegal?

    Quote Originally Posted by Hatuey View Post
    Why should they be illegal? Two entities enter into a legal agreement. Both parties agree to the terms. If the side that can't pay fails to pay **** em.
    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.

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