This is why it's important to challenge the premise for the original debt in the first place. It's up to the debtor to produce the original signed documents, else their claim lacks merit. Thats no easy task considering a huge portion of these are in the form of mortgage backed securities which have been packaged and sold off (with AAA ratings) to 3rd party collectors. Those 3rd party collectors are the ones who need to assert the burden of proof with these documents and without them any debtors claims lack merit.
After that you could still argue that financiers have a fiduciary obligation when issuing loans, like a doctor giving medical advice, ergo any predatory loans issued to pad the bank's back end, ie: if they gave bonuses to loan officers for inflating numbers of people who should not qualify to increase stock market performance, would be illegitimate. Depends on the judge though, not all would feel bankers ought to be held to the same or similar standards as doctors.
Debt cannot be repaid. Ever. Throughout history, every great Empire has had a bubble that burst and the rulers/heads of State just absolve all debt and free the slaves (salves and directly related to debt; even those taken into slavery by war).
To all those gold-standard metalists and fiscal responsibility people; read the book Debt: The Fist 5,000 Years. Never before has any book so perfectly laid out the history of money is such detail.
We live in a world with so much technology and digital record keeping it seems impossible to forgive debt today. But debt can never be repaid in an interest bearing system (doesn't matter if the currency system is metal based, fiat, sea shells or beans). The 2008 crisis should have been a year of Jubilee. All debts forgiven. All slaves free. (Or in modern terms, every bank should have sold mortgages back to home owners for pennies on the dollar). They didn't and now we've pushed off the crisis for a few more years. Unlike any other time in history, the Babylonians, Sumerians, et al all knew their system would fail. Today, we act like it will just go on forever. It can't. It wont.
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mHtt ago
This is why it's important to challenge the premise for the original debt in the first place. It's up to the debtor to produce the original signed documents, else their claim lacks merit. Thats no easy task considering a huge portion of these are in the form of mortgage backed securities which have been packaged and sold off (with AAA ratings) to 3rd party collectors. Those 3rd party collectors are the ones who need to assert the burden of proof with these documents and without them any debtors claims lack merit.
After that you could still argue that financiers have a fiduciary obligation when issuing loans, like a doctor giving medical advice, ergo any predatory loans issued to pad the bank's back end, ie: if they gave bonuses to loan officers for inflating numbers of people who should not qualify to increase stock market performance, would be illegitimate. Depends on the judge though, not all would feel bankers ought to be held to the same or similar standards as doctors.
djsumdog ago
Debt cannot be repaid. Ever. Throughout history, every great Empire has had a bubble that burst and the rulers/heads of State just absolve all debt and free the slaves (salves and directly related to debt; even those taken into slavery by war).
To all those gold-standard metalists and fiscal responsibility people; read the book Debt: The Fist 5,000 Years. Never before has any book so perfectly laid out the history of money is such detail.
We live in a world with so much technology and digital record keeping it seems impossible to forgive debt today. But debt can never be repaid in an interest bearing system (doesn't matter if the currency system is metal based, fiat, sea shells or beans). The 2008 crisis should have been a year of Jubilee. All debts forgiven. All slaves free. (Or in modern terms, every bank should have sold mortgages back to home owners for pennies on the dollar). They didn't and now we've pushed off the crisis for a few more years. Unlike any other time in history, the Babylonians, Sumerians, et al all knew their system would fail. Today, we act like it will just go on forever. It can't. It wont.
mHtt ago
you, I like you.