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Post by nicomachus on Jan 5, 2011 15:16:19 GMT -5
A blast from the past could revive our broken economy: whitewraithe.wordpress.com/2010/09/30/debtors-prison-making-a-comeback/By placing those who were not responsible with their money in prisons, we can finally have an Ayn Rand-like Utopia where only the strong and wealthy are free. Is this really the America that we want? More importantly: Is it all but inevitable considering our current market philosophy, by which the sole end of business is profit and the powers of the state are co-opted to guarantee good business for share-holders? There is a conflict of interests between an economy whose primary function is the enrichment of the minority class of investors and a society which believes in the value of freedom and dignity of each human person. The former will always end up limiting freedom of the majority for the sake of the few. This limiting of freedom finds its logical conclusion in literal prisons. |
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Post by neohguy on Jan 5, 2011 15:57:11 GMT -5
Don't know if we'll actually confine people in prison but the alternative might be just as unpleasant. You can't hide anymore. A hundred years ago a person could move to a new continent and start over. The courts along with government policy have shifted to favored corporations being more valuable than individuals.
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hamsterwheel
Junior Member
Joined: Jan 5, 2011 19:26:45 GMT -5
Posts: 118 
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Post by hamsterwheel on Jan 5, 2011 19:43:35 GMT -5
Another good option would be for all states to become recourse states. Would discourage a lot of what is going on in terms of people walking away from their homes that are underwater, only to buy cheaper homes as they thought their house would appreciate by 100% in a matter of a year. I don't think we'd see any of what we're seeing now.
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Post by djrick on Jan 7, 2011 1:34:01 GMT -5
I missed this article when it came out a few months ago, I'd never heard of "rocket dockets"... Invasion of the Home Snatchers Matt Taibbi on how foreclosure courts are helping big banks screw over homeowners www.rollingstone.com/politics/news/matt-taibbi-courts-helping-banks-screw-over-homeowners-20101110I noticed a comment at the bottom of this article that I thought bears re posting here, a "on the ground" report of someone dealing with their loan and the TBTF banksta. (note where the President's new chief of staff worked) "We purchased our home in 2003 with a down payment of $90,000. In January 2009 my husband was laid off. We simply needed to change our 15 year loan to a 30 year loan, but our house was worth less than we owed so we were forced to get a government backed loan modification. We began the HAMP process in March of 2009 by paying a now defunct legal service $2800 to insure everything was done correctly. My husband took a job making 40% of what he used to make. Chase Mortgage gave us the three month trial. After eight timely monthly payments Chase finally gave us the HAMP loan modification. We made seven payments on a timely basis. In December of 2010, I called Chase to find out why they still had not updated our monthly mortgage statements to reflect the modification. Chase informed me that we were denied!! They informed us he need to pay $49,000 to get caught up, even though we have paid exactly what they told us to pay on a timely basis for 15 months!! How is it legal for Chase Mortgage to give someone a HAMP loan modification, then change their mind, but not notify the customer? Our story is repeated by people all over the internet. Chase is using lies and deceit to cheat people out of their homes. Why are they not in jail? Why has the government not closed them down? Why has Rolling Stone done written a scathing article on the dishonest practices of J P Morgan / Chase Mortgage Service?" |
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pappyjohn99
Familiar Member
The driveway needs a little work.
Joined: Dec 21, 2010 1:01:13 GMT -5
Posts: 928
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Post by pappyjohn99 on Jan 7, 2011 3:03:55 GMT -5
Instead of debtors prisons what we need are a few TBTF bankster heads on pikes up and down Wall street.
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Post by neohguy on Jan 7, 2011 7:27:23 GMT -5
I missed this article when it came out a few months ago, I'd never heard of "rocket dockets"... Invasion of the Home Snatchers Matt Taibbi on how foreclosure courts are helping big banks screw over homeowners www.rollingstone.com/politics/news/matt-taibbi-courts-helping-banks-screw-over-homeowners-20101110I noticed a comment at the bottom of this article that I thought bears re posting here, a "on the ground" report of someone dealing with their loan and the TBTF banksta. (note where the President's new chief of staff worked) "We purchased our home in 2003 with a down payment of $90,000. In January 2009 my husband was laid off. We simply needed to change our 15 year loan to a 30 year loan, but our house was worth less than we owed so we were forced to get a government backed loan modification. We began the HAMP process in March of 2009 by paying a now defunct legal service $2800 to insure everything was done correctly. My husband took a job making 40% of what he used to make. Chase Mortgage gave us the three month trial. After eight timely monthly payments Chase finally gave us the HAMP loan modification. We made seven payments on a timely basis. In December of 2010, I called Chase to find out why they still had not updated our monthly mortgage statements to reflect the modification. Chase informed me that we were denied!! They informed us he need to pay $49,000 to get caught up, even though we have paid exactly what they told us to pay on a timely basis for 15 months!! How is it legal for Chase Mortgage to give someone a HAMP loan modification, then change their mind, but not notify the customer? Our story is repeated by people all over the internet. Chase is using lies and deceit to cheat people out of their homes. Why are they not in jail? Why has the government not closed them down? Why has Rolling Stone done written a scathing article on the dishonest practices of J P Morgan / Chase Mortgage Service?" I can vouch for the above article. I've been looking at homes for sale for awhile now. Most are foreclosures. Imo, the banks "pretend" to modify a loan so it looks like a performing asset. They then foreclose when convenient and sell it for whatever they can get in a hurry for it. The difference is made up by the tax payer through Fannie and bank favorable Federal Reserve policy. There is no outrage because, as Tesla's pole indicated, stupid Americans believe the banks are doing God's work. |
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Post by nicomachus on Jan 7, 2011 20:46:50 GMT -5
What concerns me is that this seems to be part of an ongoing trend to criminalize the poor. Recent Republicans have said that the poor are basically criminals and other comments to the same extent. The war on the poor is on. Is it that much of a stretch that eventually they will be imprisoned for debt failure? Currently, most of the prison population is already poor.
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blackcard
Familiar Member
As of April 2013 Mortgage is paid in full :) NO debt of any kind.
Joined: Dec 23, 2010 22:06:57 GMT -5
Posts: 660
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Post by blackcard on Jan 7, 2011 21:00:27 GMT -5
Debtors prisons? Wall street CEO's and executives of failed businesses who filed bankruptcy should be 1st in line.
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Post by djrick on Jan 11, 2011 2:43:12 GMT -5
online.wsj.com/article/SB10001424052702304248704575574213897770830.html"Between 2007 and 2009, more than half the full-time workers who lost jobs that they had held for at least three years and then found new full-time work by early last year reported wage declines, according to the Labor Department. Thirty-six percent reported the new job paid at least 20% less than the one they lost. " It'll make us more globally competitive if we have a new class of poverty level worker !
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Post by scaredshirtless on Jan 11, 2011 4:03:24 GMT -5
Banksters in handcuffs...
oooohhhhhhh.....
I LIKE it!!!!
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Post by scaredshirtless on Jan 11, 2011 4:03:54 GMT -5
Paging Bill Black!!!
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Post by djrick on Jan 11, 2011 11:34:10 GMT -5
Yes, Bill Black, a great man  "The best way to rob a bank is to own one." www.pbs.org/billmoyers The financial industry brought the economy to its knees, but how did they get away with it? With the nation wondering how to hold the bankers accountable, Bill Moyers sits down with Bill Black, the former senior regulator who cracked down on banks during the savings and loan crisis of the 1980s. Black offers his analysis of what went wrong and his critique of the bailout. This show aired April 3, 2009. Bill Moyers Journal airs Fridays at 9 p.m. on PBS (check local listings). For more: www.pbs.org/billmoyers |
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Post by wheels1313 on Jan 11, 2011 18:56:13 GMT -5
Seems like we can't even keep our prisoners in jail, but rather let them out (due to lack of space and/or funding $$$s) to commit their "given" crimes again. I don't see a "debtors prison" happening... IF for no other reason that it would cost the States or Govt $$$s they don't have. We are seeing cutbacks in Public Services (Police and Firefighters) and can't even help those with "Mental" needs anymore. Seems like "everyone" is just released and Public Services cut back or shut down.
So the topic seems like a moot point to me... with efforts maybe better spent on how to help those TRULY in need, while balancing that need with the understanding there are those that do abuse the system... ie: taking 99 weeks unemployment and then going out and getting a job when that expires. Yet, without needed assistance, there will be society unrest!
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