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    Crazy American debt system

    I ran across this John Oliver video in connection to a discussion of how debt works in the U.S.:



    It's really bizarre how debt can be bought for so little and people harassed over it -- the craziest being that a bank can write off the full amount of a debt on its taxes, then turn around and sell the debt!

    Why is there not a system setup to do on a grand scale what Oliver did on this small one?
    Last edited by Kulindahr; January 14th, 2018 at 02:11 AM.

    "Thirty-one* states allow all qualified citizens to carry concealed weapons. In those states, homosexuals should embark on organized efforts to become comfortable with guns, learn to use them safely and carry them. They should set up Pink Pistols task forces, sponsor shooting courses and help homosexuals get licensed to carry. And they should do it in a way that gets as much publicity as possible. "

    --Jonathan Rauch, Salon Magazine, March 13, 2000

    *the number is now forty

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    Re: Crazy American debt system

    Quote Originally Posted by Kulindahr View Post
    I ran across this John Oliver video in connection to a discussion of how debt works in the U.S.:



    It's really bizarre how debt can be bought for so little and people harassed over it -- the craziest being that a bank can write off the full amount of a debt on its taxes, then turn around and sell the debt!


    Why is there not a system setup to do on a grand scale what Oliver did on this small one?
    If banks write off the debt and then sell it, the sale price must be reported as income. The regulators of the banks require the writing-off or writing down of debt to keep the balance sheet accurate. It is not optional with the banks. The requirement was a major reason for the 2006 crash as regulators required banks to write down performing assets to "market" impairing their net worth or "capital", discouraging new loans.

  3. #3
    auribus teneo lupum Stardreamer's Avatar
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    Re: Crazy American debt system

    Quote Originally Posted by Kulindahr View Post
    I ran across this John Oliver video in connection to a discussion of how debt works in the U.S.:



    It's really bizarre how debt can be bought for so little and people harassed over it -- the craziest being that a bank can write off the full amount of a debt on its taxes, then turn around and sell the debt!

    Why is there not a system setup to do on a grand scale what Oliver did on this small one?
    The bank's sell that debt information but they do so for pennies on the dollar and the debt buyers can pay it because even if they only collect on a small portion they make a profit. Setting up a large charity to do what Oliver did would be one of the most Christian things I can think of. If people can put their spare change to McDonald's to house parents of sick kids, how much better to spend similar amounts to get those parents out of debt so they give their kids a better life?
    “You can’t con people, at least not for long. You can create excitement, you can do wonderful promotion and get all kinds of press, and you can throw in a little hyperbole. But if you don’t deliver the goods, people will catch on.”


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    Re: Crazy American debt system

    What was the small thing he did? I really don't want to watch 20 minutes of him. He irritates me, and worse, looks as if he's spitting when he talks. Blech.

    I was always under the impression that a successful bankruptcy claim purges any qualifying outstanding debt? It does. But even then, there's no such thing as debtors prison, so to paraphrase the immortal words of Paul Anka and Lisa Simpson, Just don't pay! Just don't pay!

    I'm going try to watch the entire clip now.

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    Re: Crazy American debt system

    The great American tradition is to go bankrupt and stick everyone else for all the money you owe.

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    Re: Crazy American debt system

    Well, that was certainly a chore and a half. I'm almost tempted to post the shortcut, but who am I to deprive anyone else of all that fun.

    Mr. Oliver is an just entertainer after all.

  7. #7
    auribus teneo lupum Stardreamer's Avatar
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    Re: Crazy American debt system

    Quote Originally Posted by MakeItTonite View Post
    What was the small thing he did? I really don't want to watch 20 minutes of him. He irritates me, and worse, looks as if he's spitting when he talks. Blech.

    I was always under the impression that a successful bankruptcy claim purges any qualifying outstanding debt? It does. But even then, there's no such thing as debtors prison, so to paraphrase the immortal words of Paul Anka and Lisa Simpson, Just don't pay! Just don't pay!

    I'm going try to watch the entire clip now.
    He set up a corporation that appeared to be yet another debt collection agency. It was offered just under $15,000,000.00 in outstanding debts which they purchased and joining with a company that specializes in retiring debt tax-free forgave the debt.

    Need to point out this cleared the debt from the families involved without them having to declare bankruptcy which would follow them for years.
    Last edited by Stardreamer; January 14th, 2018 at 05:09 PM.
    “You can’t con people, at least not for long. You can create excitement, you can do wonderful promotion and get all kinds of press, and you can throw in a little hyperbole. But if you don’t deliver the goods, people will catch on.”


  8. #8
    Are u haleloo ya ? Telstra's Avatar
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    Re: Crazy American debt system

    There was a phone company trying to collect about $200 from me i didn't pay because of a dispute i didn't agree with. Then that company was bankrupted or sold off ... years later, some debt collector emails me trying to get the money. I asked for proof with all details and they have no proof, therefore no need to pay.

    Is my "alleged" debt is with some company forever ??


    NEVER LISTEN TO A ONE SIDED STORY AND JUDGE.

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    Re: Crazy American debt system

    Quote Originally Posted by Telstra View Post
    There was a phone company trying to collect about $200 from me i didn't pay because of a dispute i didn't agree with. Then that company was bankrupted or sold off ... years later, some debt collector emails me trying to get the money. I asked for proof with all details and they have no proof, therefore no need to pay.

    Is my "alleged" debt is with some company forever ??
    It will be barred by the statute of limitations eventually, probably four or five years. It varies from state to state.

  10. #10
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    Re: Crazy American debt system

    Quote Originally Posted by rareboy View Post
    The great American tradition is to go bankrupt and stick everyone else for all the money you owe.
    Actually, unless you're the 1% bankruptcy will fuck your life over. Even if you're the one percent there are limits, Donald got driven into the arms of Russian Mobsters because no one in the U.S. would extend him credit anymore.
    ATTACK OF THE LIBERAL ELITE

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