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This would be beautiful to see. Considering the scope of the population affected, there would be little to no recourse if everybody collectively decided to stop

This would be beautiful to see. Considering the scope of the population affected, there would be little to no recourse if everybody collectively decided to stop paying at the same time. If you trash every millennials credit score, the scores would become worthless.

AlkurahCepheus 8y ago
And then the government will step in. They will tell everybody that these companies are too big to fail, and hence the market rules don't apply to them. And eventually the government will bail them out--with tax payers money. https://www.youtube.com/watch?v=Bu2wNKlVRzE https://www.youtube.com/watch?v=Bu2wNKlVRzE
- twoodfin 8y ago
  “These companies” are the US Federal government, at least for undergraduate loans. The Department of Education took over all federally guaranteed loans (the vast majority of undergraduate loans) almost a decade ago. They’re only serviced by private companies, who wouldn’t need a bailout; it would only be the taxpayer on the hook.
ianai 8y ago
If it were ever going to be possible to orchestrate at scale, now’s the time. It would take a vast amount of people acting as a bloc. I wonder if some sort of cloud sourced banking could be worked out to make it feasible. Trying to float a startup bank with student loans, for instance - but that’s clearly outlawed. Maybe some crowdfunding of a bank start up through small monthly contributions. Instead of needing a good credit score to be able to purchase things, buying into a monthly alternative to the credit market. Flying by the seat of my pants here - Maybe sell gamified returns for appropriate length investments. So the customer signs up at cost X. Every month they contribute X dollars. The company stores those funds in cash equivalents. At any time, the customer can pause or cash out their payments to that point. After a year, the company stores those funds in instruments that pay out in a year, maybe, or the company just keeps them in cash equivalents. After a year, the customer can qualify for a loan of 12*X+Y through the company. Y being 0 or some present value of the customers promised future payments.

AlkurahCepheus 8y ago

And then the government will step in. They will tell everybody that these companies are too big to fail, and hence the market rules don't apply to them. And eventually the government will bail them out--with tax payers money. https://www.youtube.com/watch?v=Bu2wNKlVRzE https://www.youtube.com/watch?v=Bu2wNKlVRzE

twoodfin 8y ago
“These companies” are the US Federal government, at least for undergraduate loans. The Department of Education took over all federally guaranteed loans (the vast majority of undergraduate loans) almost a decade ago. They’re only serviced by private companies, who wouldn’t need a bailout; it would only be the taxpayer on the hook.

ianai 8y ago

If it were ever going to be possible to orchestrate at scale, now’s the time. It would take a vast amount of people acting as a bloc. I wonder if some sort of cloud sourced banking could be worked out to make it feasible. Trying to float a startup bank with student loans, for instance - but that’s clearly outlawed. Maybe some crowdfunding of a bank start up through small monthly contributions. Instead of needing a good credit score to be able to purchase things, buying into a monthly alternative to the credit market. Flying by the seat of my pants here - Maybe sell gamified returns for appropriate length investments. So the customer signs up at cost X. Every month they contribute X dollars. The company stores those funds in cash equivalents. At any time, the customer can pause or cash out their payments to that point. After a year, the company stores those funds in instruments that pay out in a year, maybe, or the company just keeps them in cash equivalents. After a year, the customer can qualify for a loan of 12*X+Y through the company. Y being 0 or some present value of the customers promised future payments.