Pages

6 comments

Jump to bottom
1 Daniel Ballard  Sun, Oct 21, 2012 9:41:24am

As soon as a person could spend or invest forgiven debt it should be taxable. Until then, I'm not a fan. This is not how you help the middle class recover from the crash. Adding a big tax bill that is likely beyond a former homeowners ability to pay is just going to ruin their credit and keep them from recovering.

2 Obdicut  Sun, Oct 21, 2012 11:49:51am

re: #1 Daniel Ballard

So if I borrow $100,000-- which is not taxed, at all-- and then never have to pay that back, in what way did I not just make $100,000?

3 EiMitch  Sun, Oct 21, 2012 1:09:21pm

re: #2 Obdicut

Thats a rather simplistic view. Debts are usually at least partially paid before defaulting. And lets not forget interest.

4 Mostly sane, most of the time.  Sun, Oct 21, 2012 5:19:32pm

I use this as an example in math when I'm teaching my kids negatives.

If you subtract a negative, you have a positive. Or, if you take away a $5 debt, that person just got $5 richer.

My bigger question is what can we do to stop the bubble situation again.

5 Romantic Heretic  Sun, Oct 21, 2012 8:19:27pm

You can't stop bubbles. The driving emotions of the business world, which includes most of us, are greed and fear.

Greed inflates bubbles. Fear pops them. Until people learn to master these emotions bubbles and their popping will continue to happen.

6 Dark_Falcon  Sun, Oct 21, 2012 10:48:07pm

re: #2 Obdicut

So if I borrow $100,000-- which is not taxed, at all-- and then never have to pay that back, in what way did I not just make $100,000?

The problem, Obdi, is that if a bank agrees to loan modification with a borrower to save her house that eliminates $12K worth of debt on purchase price value that proved to be the product of the Real Estate Bubble, she still will be ruined if she gets hit with taxes for an extra $12K of 'income' that she can't pay. All that will do is make those tax debts a life-long ball and chain.


This page has been archived.
Comments are closed.

^ back to top ^

TwitterFacebook

Turn off all ads for a full year by subscribing!
Take advantage of our yearly subscription, and save 50% off the normal subscription price! One-year ad-free subscriptions are just $59.95. Turn off all ads for a full year by subscribing now and save!
Read more...

► LGF Headlines

  • Loading...

► Tweeted Articles

  • Loading...

► Tweeted Pages

  • Loading...

► Top 10 Comments

  • Loading...

► Bottom Comments

  • Loading...

► Recent Comments

  • Loading...

► Tools/Info

► Tag Cloud

► Contact

You must have Javascript enabled to use the contact form.
Your email:

Subject:

Message:


Messages may be published unless you request otherwise.
Tech Note:
Using the Contact Form
LGF Pages

This button leads to the main index of LGF Pages, our user-submitted articles. You can post your own LGF Pages simply by registering a free account with us.

Create a Page

This is the LGF Pages posting bookmarklet. To use it, drag this button to your browser's bookmark bar, and title it 'LGF Pages' (or whatever you like). Then browse to a site you want to post, select some text on the page to use for a quote, click the bookmarklet, and the Pages posting window will appear with the title, text, and any embedded video or audio files already filled in, ready to go.

Or... you can just click this button to open the Pages posting window right away.

Last updated: 2015-06-25 5:21 pm PDT

LGF User's Guide RSS Feeds
Recent Pages
Thanos
How the South Skews America
Today there is more inter-generational social mobility in Europe than in the United States, contrary to the American myth that the United States is still the world's No. 1 land of opportunity. The Economic Mobility Project of Pew Charitable ...

46 minutes ago
Views: 47 • Comments: 0
Tweets: 0 • Rating: 1
Fred72
The SCOTUS gay marriage FAQ, by Conservative Reason
My favorite: It was conservatives who were largely against interracial marriage in the 1960s. Does that mean that they're still against interracial marriage? A huge, very emphatic NO. Conservatives at the time were against interracial marriage. Conservatives get unfairly portrayed ...

1 day, 18 hours ago
Views: 286 • Comments: 2
Tweets: 2 • Rating: 4
Cheechako
Test Pilot Admits the F-35 Can’t Dogfight
War Is Boringby DAVID AXE A test pilot has some very, very bad news about the F-35 Joint Strike Fighter. The pricey new stealth jet can't turn or climb fast enough to hit an enemy plane during a dogfight ...

5 days, 9 hours ago
Views: 686 • Comments: 5
Tweets: 16 • Rating: 3
Rocky-in-Connecticut
NBC Hands an Asshat his Ass
money.cnn.com Business is business. And business is pretty sweet these days when blowhard Know-nothings like Trump get what's coming.

5 days, 22 hours ago
Views: 444 • Comments: 0
Tweets: 0 • Rating: 3
PhillyPretzel
Patrick Macnee dies
I was looking at Philly com this morning and I saw this article. I was one of those who watched some episodes of this old series and liked it. Please read this article on Patrick Macnee from their website: philly.com ...

1 week ago
Views: 376 • Comments: 1
Tweets: 0 • Rating: 3
FemNaziBitch
Many See a Victory for Children, Too - Video
Thousands, including parents, babies and dogs, flocked to the Supreme Court after its ruling on same-sex marriage. Supporters spoke about how they thought the ruling helped maintain and support families. More: Many See a Victory for Children, Too - ...

1 week ago
Views: 324 • Comments: 0
Tweets: 0 • Rating: 0
Lumberhead
‘It’s Time for Good Cops to Do Something About Bad Cops’
Today's relationship between the Baltimore police department and the city's black residents was determined by neither Obama Administration statements nor New York Times editorials nor liberal hashtag activists. Rather, it was determined by years of interactions between residents of ...

1 week ago
Views: 806 • Comments: 0
Tweets: 36 • Rating: 1
SteveMcGaziBolaGate
Schoolchildren Build a Better Condom
From philly.com "A group of schoolchildren from Essex, England, have invented a condom that detects sexually transmitted infections such as chlamydia and syphilis."The condom would change color to warn the couple if a strain of bacteria is present." That's the ...

1 week, 3 days ago
Views: 460 • Comments: 3
Tweets: 0 • Rating: 1
aagcobb
A New Study Gives Us Another Reason to Celebrate Working Mothers - Vox
Matthew Yglesias, Vox: A New Study Gives Us Another Reason to Celebrate Working Mothers - Vox The researchers find statistically significant differences in outcomes for both boys and girls, though the outcomes are different. Daughters of working moms grow up ...

1 week, 3 days ago
Views: 349 • Comments: 0
Tweets: 0 • Rating: 1
Great White Snark
Hypocritical Taylor Swift Photo Contract: Break Our Rules, and We Can Break Your Gear
Pop star power play. Yesterday, photographer Jason Sheldon published an open letter to Taylor Swift, accusing the singer of being a hypocrite by accusing Apple of treating artists unfairly while herself handing out heavy-handed contracts for concert photographers to sign. ...

1 week, 5 days ago
Views: 756 • Comments: 7
Tweets: 0 • Rating: 3
 Frank says:

Anything played wrong twice in a row is the beginning of an arrangement.