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The whole point of repossession is that he bank can sell it to recover at least some of their loss. Without that, it’s just destructive punishment. You’d be mak
by mikeash 7y ago
The whole point of repossession is that he bank can sell it to recover at least some of their loss. Without that, it’s just destructive punishment. You’d be making society poorer by restricting this person’s job prospects, with no gain anywhere to offset it.
- SilasX 7y agoI don’t know how you get “the whole point” as being that. The credit scoring system likewise doesn’t give the lender anything to resell and merely punishes the borrower, but we recognize it as having positive sum effects for the credit system. A program of revoking degrees would behave the same way. (Even if you have criticisms of the credit score as it exists today, most at least see the merit of “hey, other lenders, this person doesn’t repay loans, proceed with caution.)
- mikeash 7y agoThe point of credit scores isn’t to punish the borrower, it’s to allow future lenders to better gauge risk. No value is destroyed when you put a negative mark on someone’s credit report. Revoking degrees would be equivalent to burning down houses in foreclosure. Such destruction of value is obvious madness.
- nordsieck 7y ago> Revoking degrees would be equivalent to burning down houses in foreclosure. While I agree with your larger point, I think this particular bit is a little weak. A revoked degree can easily be un-revoked, while a burned down house needs to be re-built from scratch. This is why it is socially acceptable for schools to withhold transcripts for students who owe money to the school.
- deleted 7y ago[deleted]
- anticensor 7y agoIt would be problematic for rich people who do not need loans, and destroy the trust on schooling system. Diplomas need to be irrevocable except for serious procedural issues.
- SilasX 7y agoYeah, good point, universities never revoke degrees over objectionable behavior. https://en.wikipedia.org/wiki/Bill_Cosby#Rescinded_honorary_degrees https://en.wikipedia.org/wiki/Bill_Cosby#Rescinded_honorary_...
- dragonwriter 7y agoHonorary degrees are, as the name suggests, different in kind from normal degrees.
- deleted 7y ago[deleted]