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This page has been archived.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!
For about 33 cents a day (per month) or 22 cents a day (per year), our subscription option turns off all advertisements at LGF!
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.

Last updated: 2014-03-07 2:19 pm PST

LGF User's Guide
Recent Pages
Political Atheist
High Tech How Silicon Valley Entrepreneurs Are Rushing to Cash in on Cannabis.
High Tech How Silicon Valley entrepreneurs are rushing to cash in on cannabis. By Mat Honan A clone of the Charlotte's Web strain, developed by the Stanley brothers, crossed with another strain of industrial hemp. BENJAMIN RASMUSSEN PART 1 LIKE MANY PEOPLE in San Francisco, Sasha Robinson is working on a startup out of his home. His living room is a riot of ...

20 minutes ago
Views: 19 • Comments: 0
Tweets: 0 • Rating: 0
cycroft
Russ Campbell’s Blog: Fiscal Conservatism Seems Alive and Well in Ottawa: 8,900 Public Service Jobs to Be Cut
When Con­ser­v­a­tives un­der Stephen Harper took of­fice in 2006, I was dis­ap­pointed at how much they re­sem­bled their pre­de­ces­sors when it came to their pen­chant for in­creas­ing the size of gov­ern­ment. More: Russ Campbell's Blog: Fiscal Conservatism Seems Alive and Well in Ottawa: 8,900 Public Service Jobs to Be Cut

1 hour, 19 minutes ago
Views: 25 • Comments: 0
Tweets: 0 • Rating: 0
Skip Intro
Why the Temperature of the Yellow Sea Is a Big Deal, and Other Questions About the South Korean Ferry Disaster
The boat ran into trouble several dozen miles from Jindo, an island that sticks out of South Korea's southwestern corner like a little toe. Jindo is surrounded by a group of even smaller islands that are slightly farther afield from the mainland. The ferry was curving around those small islands at the time it issued a distress call. What caused the disaster? We ...

2 hours, 27 minutes ago
Views: 58 • Comments: 2
Tweets: 0 • Rating: 0
FemNaziBitch
Bystander Effect, or Why This Week Has Been Really Scary
And if you have a friend or loved one who's survived an assault, here's a short list of things you should and shouldn't do to help out. Because if I've learned anything over the past few days, it's that watching someone you care for go through something like this can make you feel unbelievably helpless. But, in spite of that feeling, there are ...

6 hours, 7 minutes ago
Views: 112 • Comments: 1
Tweets: 1 • Rating: 0
Randall Gross
Healing Is the Message at Interfaith Service for Victims of Sunday’s Shootings
Clergy of different faiths, joined by U.S. Attorney General Eric Holder, delivered messages of hope and unity Thursday before more than 1,300 people gathered at the Jewish Community Center in Overland Park. "A pall has been cast over our great nation," Holder said. "We gather today not in joy, but in solemn reflection." The overall message, however, was focused on the power of ...

8 hours, 55 minutes ago
Views: 66 • Comments: 0
Tweets: 0 • Rating: 0
palmerskiss
More Than Half the Women in These Countries Are Married by the Time They Turn 18
The report is as sad as it is horrifying. A child bride forced into marriage in Nigeria has been accused of killing her much older groom and three of his friends by poisoning their meals with rat poison. The 14-year-old girl, Wasila Umaru, was married to the 35-year-old man last week. Although she told authorities she was forced into the betrothal, Wasila will ...

1 day ago
Views: 215 • Comments: 1
Tweets: 9 • Rating: 1
Idle Drifter
Calgary stabbings: How knife crime in Canada can cause ‘moral panic’
What Calgary police chief Rick Hanson called the "worst mass murder" in the city's history didn't end at the barrel of a gun. Instead, the 22-year-old suspect identified on Tuesday as Matthew de Grood is accused of entering the kitchen at a house party, taking "a large knife" and using it to fatally stab four men and one woman, all of whom were students ...

1 day, 13 hours ago
Views: 147 • Comments: 2
Tweets: 0 • Rating: 0
aagcobb
New York Electoral College: State Joins National Popular Vote Interstate Compact.
Ben Mathis-Lilley, Slate: New York Electoral College: State Joins National Popular Vote Interstate Compact. Instead of pushing for a Constitutional amendment, which would have to be ratified in 38 states, advocates ask individual state legislatures to pass an agreement: that they'll pledge all their presidential electors to the winner of the national popular vote as soon as enough other states pass the law to ...

1 day, 19 hours ago
Views: 187 • Comments: 7
Tweets: 0 • Rating: 1
iossarian
Drug Companies Want Your Money
Two thematically-related stories on the BBC at the moment: UK drug company Glaxo 'paid bribes to Polish doctors' UK drug company GlaxoSmithKline is facing a criminal investigation in Poland for allegedly bribing doctors, BBC Panorama has discovered. Tamiflu: Millions wasted on flu drug, claims major report Hundreds of millions of pounds may have been wasted on a drug for flu that works no better ...

2 days, 22 hours ago
Views: 245 • Comments: 0
Tweets: 8 • Rating: 0
steve_davis
Skyline Pigeon
Your text to link...

5 days, 3 hours ago
Views: 269 • Comments: 2
Tweets: 0 • Rating: 4
 Frank says:

Ugly as I mights be, I am your futum!