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This page has been archived.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: 2015-02-13 1:58 pm PST

LGF User's Guide
Recent Pages
aagcobb
Scott Walker Compares Unions to ISIS.
Alec MacGillis, Slate: Scott Walker Compares Unions to ISIS. Scott Walker can't see Russia from his house, so how does he show he's prepared to be the leader of the free world? Walker sought to address this gap Thursday evening ...

2 hours, 26 minutes ago
Views: 65 • Comments: 0
Tweets: 0 • Rating: 0
Great White Snark
Jeb Bush Hopes to Change Some Minds
Will a moderate republican with a widely scorned surname have a ghost of a chance? Stay tuned. "You give him credit for facing his critics and getting out of the bubble of fundraisers and policy speeches," said Kellyanne Conway, who ...

2 hours, 34 minutes ago
Views: 62 • Comments: 0
Tweets: 0 • Rating: 0
Thanos
Robert Plant and the Sensational Space Shifters - Turn It Up
Robert Plant and the Space Shifters perform Turn it Up live at the Roundhouse in London for the 2014 iTunes Festival Website: robertplant.comTwitter: twitter.comFacebook: facebook.comInstagram: RobertPlantOfficial

4 hours, 12 minutes ago
Views: 79 • Comments: 0
Tweets: 1 • Rating: 0
ಠ_ಠ
Edward Snowden, Glenn Greenwald and Laura Poitras doing a Reddit AMA
Earlier today interested Redditors posed questions to Poitras and Greenwald in Los Angeles, while Snowden posted from Moscow. A rare opportunity for average people to directly communicate with the (in)famous leaker.See the entire discussion HERE Redditor masondog13 asks: What's the ...

3 days, 3 hours ago
Views: 416 • Comments: 2
Tweets: 0 • Rating: 3
Rocky-in-Connecticut
Muslims Join Hands At Oslo’s Largest Synagogue
Wait a minute... watching Fox News and the Republican talking heads I learned that all Muslims are bad bad bad and in no way can Islam be interpreted as any sort of peaceful religion. news.yahoo.com OSLO (Reuters) - More than ...

5 days, 8 hours ago
Views: 677 • Comments: 2
Tweets: 6 • Rating: 5
BadExampleMan
Help Tel Aviv Roller Derby move forward!
For the last three years it's been my privilege to help coach a dedicated group of young women who have founded the first Women's Flat-Track Roller Derby league in Israel. They've learned, trained, fought, and worked unbelievably hard to bring ...

6 days, 10 hours ago
Views: 542 • Comments: 0
Tweets: 0 • Rating: 1
FemNaziBitch
link-#Domestic Violence, Mass Shootings, and Violent Crime
A recent study found that more than half of the 110 mass shootings in the United States between January 2009 and July 2014 included the murder of a current or former spouse, an intimate partner or a family member. ...

1 week, 1 day ago
Views: 670 • Comments: 2
Tweets: 0 • Rating: 3
Lumberhead
No Escape From History
It has been enlightening to watch this entire spectacle play out over the past week. It has indeed. Remarkably, comments that acknowledge verifiable history are treated as controversial. Meanwhile the complete denial of this history, both recent and long ...

2 weeks, 2 days ago
Views: 1,154 • Comments: 1
Tweets: 0 • Rating: 5
Jayleia
Double Standards in Action
On January 29, 2015, the guy on the LEFT checked into a hotel with a corporate check in hand and is told they don't accept checks. After telling him in order to not be charged for the stay they ...

2 weeks, 6 days ago
Views: 1,414 • Comments: 1
Tweets: 0 • Rating: 3
 Frank says:

Washington, D.C.: a city infested with statues -- and Congressional Blow-Boys who WISH they were statues.