4 ms·

Maybe we need to fix those other government loans being forgiven then by fixing bankruptcy laws.

eesmith 4y ago
Look, everyone who loans money must be aware that the loan recipient can declare bankruptcy, and plan accordingly - typically by raising the interest rate slightly. Without bankruptcy laws we end up with debt bondage and peonage. You know that companies can also have government loans, right? Because of limited liability, the owners can declare bankruptcy and dissolve the company without being personally liable. Which sounds like you want capitalists to have more freedom in what they do with government money than those who accept personal debt. The rich get richer and the poor become peons.
- sys_64738 4y ago
  Government shouldn’t be in the student loans business. That’s entirely the point and there should be no federal loan forgiveness.
  - eesmith 4y ago
    No, that's a different point about what you think reality should be like. While you don't like it, the government is in the student loan business so, like everyone who loans money, must accept that they might not get all the money back. Besides, your point seems to be that government shouldn't loan any money if there's any sort of risk, not just to students. And apparently that companies with limited liability protection shouldn't take government loans either.
    - sys_64738 4y ago
      You’re the one who wanted to include other types of government debt. I was talking specifically about student debt in the first instance. Bottom line, I don’t want students leeching off my taxpayer dollars. If they can’t pay it back then that’s their problem but they won’t escape their debt commitment if I have any say.
      - eesmith 4y ago
        Again I ask why student loans are so special compared to all other government loans. Do you want veterans leeching off your taxpayer dollars via VA loans and then declaring bankruptcy? Do you want homeowners leeching of your taxpayer dollars via HUD loans and then declaring bankruptcy?
        sys_64738 4y ago
        1.6 trillion reasons.
        eesmith 4y ago
        Yes, that's an argument for why student debt, like other government debts, should be discharable through bankruptcy. Had normal bankruptcy law applied, the accumulated debt would be nowhere near this high. It isn't, however, a justification for why student debt should be treated so specially.
        sys_64738 4y ago
        It's plenty justification. The federal government should not be in the student loans business as it is responsible for this debt mountain.
        eesmith 4y ago
        Right, and the debt mountain occurred in part because the government was irresponsible when they made student debt extremely hard to discharge, compared to other sort of government debts. Since the government was also responsible for the mountain, they also need to be part of the solution. Which can include forgiving debt.

Look, everyone who loans money must be aware that the loan recipient can declare bankruptcy, and plan accordingly - typically by raising the interest rate slightly. Without bankruptcy laws we end up with debt bondage and peonage. You know that companies can also have government loans, right? Because of limited liability, the owners can declare bankruptcy and dissolve the company without being personally liable. Which sounds like you want capitalists to have more freedom in what they do with government money than those who accept personal debt. The rich get richer and the poor become peons.

sys_64738 4y ago
Government shouldn’t be in the student loans business. That’s entirely the point and there should be no federal loan forgiveness.
- eesmith 4y ago
  No, that's a different point about what you think reality should be like. While you don't like it, the government is in the student loan business so, like everyone who loans money, must accept that they might not get all the money back. Besides, your point seems to be that government shouldn't loan any money if there's any sort of risk, not just to students. And apparently that companies with limited liability protection shouldn't take government loans either.
  - sys_64738 4y ago
    You’re the one who wanted to include other types of government debt. I was talking specifically about student debt in the first instance. Bottom line, I don’t want students leeching off my taxpayer dollars. If they can’t pay it back then that’s their problem but they won’t escape their debt commitment if I have any say.
    - eesmith 4y ago
      Again I ask why student loans are so special compared to all other government loans. Do you want veterans leeching off your taxpayer dollars via VA loans and then declaring bankruptcy? Do you want homeowners leeching of your taxpayer dollars via HUD loans and then declaring bankruptcy?
      - sys_64738 4y ago
        1.6 trillion reasons.
        eesmith 4y ago
        Yes, that's an argument for why student debt, like other government debts, should be discharable through bankruptcy. Had normal bankruptcy law applied, the accumulated debt would be nowhere near this high. It isn't, however, a justification for why student debt should be treated so specially.
        sys_64738 4y ago
        It's plenty justification. The federal government should not be in the student loans business as it is responsible for this debt mountain.
        eesmith 4y ago
        Right, and the debt mountain occurred in part because the government was irresponsible when they made student debt extremely hard to discharge, compared to other sort of government debts. Since the government was also responsible for the mountain, they also need to be part of the solution. Which can include forgiving debt.