Time for debt forgiveness?

[Eddie Teach]

Well, if you forgive all the loans the bank makes, how is the bank going to pay the "deposits" then? Grumbler's point is valid.

[Habbaku]

Only on Languish would a loan and deposit be mixed up so that Grumber could argue a semantic point.

If a deposit isn't a loan, what is it?

[crazy canuck]

Deposits are only loans in the most theoretical way.  You guys are buying Grumblespeak.  The thread is clearly about forgiving loans not deposits.

But if you want to get technical, loans are secured by collateral.  Deposits are generally secured by government regulation (largely in the form of depositors insurance).  So no, Grumber's point is not valid.

[Eddie Teach]

But if you want to get technical, loans are secured by collateral.  Deposits are generally secured by government regulation (largely in the form of depositors insurance).  So no, Grumber's point is not valid.

Grumbler's point was not that deposits are loans...

[Habbaku]

But if you want to get technical, loans are secured by collateral.

Nonsense.  Some loans, certainly, are secured by collateral, but plenty of loans are secured by insurance as well.  Plenty of people getting a mortgage loan are required to get insurance for the loan, for instance, rather than provide collateral.

[grumbler]

But if you want to get technical, loans are secured by collateral.

Nonsense.  Some loans, certainly, are secured by collateral, but plenty of loans are secured by insurance as well.  Plenty of people getting a mortgage loan are required to get insurance for the loan, for instance, rather than provide collateral.

Don't argue with Cranky Canuck when he starts into his interminable semantic arguments! 

Trust me, that's a rat hole down which even Alice would fear to go.

My point that forgiving all debts is a bad idea stands, because debts aren't "imaginary money" at all, in the long run.

[MadImmortalMan]

But if you want to get technical, loans are secured by collateral.

Nonsense.  Some loans, certainly, are secured by collateral, but plenty of loans are secured by insurance as well.  Plenty of people getting a mortgage loan are required to get insurance for the loan, for instance, rather than provide collateral.

Next bailout: Insurance companies.

[CountDeMoney]

Only on Languish would a loan and deposit be mixed up so that Grumber could argue a semantic point.

If a deposit isn't a loan, what is it?

It's mine.

[MadImmortalMan]

If a deposit isn't a loan, what is it?

It's mine.

Yeah like your social security account is. lol


Posession is 9/10th and all that.

[crazy canuck]

But if you want to get technical, loans are secured by collateral.

Nonsense.  Some loans, certainly, are secured by collateral, but plenty of loans are secured by insurance as well.  Plenty of people getting a mortgage loan are required to get insurance for the loan, for instance, rather than provide collateral.

No wonder your country's real estate market went for shit.  No collateral.  Not even the property itself.  That is some messed up system you got there.

[crazy canuck]

But if you want to get technical, loans are secured by collateral.

Nonsense.  Some loans, certainly, are secured by collateral, but plenty of loans are secured by insurance as well.  Plenty of people getting a mortgage loan are required to get insurance for the loan, for instance, rather than provide collateral.

Next bailout: Insurance companies.

I cant believe banks, even banks in the US, wont take at least the property as collateral.

[Habbaku]

But if you want to get technical, loans are secured by collateral.

Nonsense.  Some loans, certainly, are secured by collateral, but plenty of loans are secured by insurance as well.  Plenty of people getting a mortgage loan are required to get insurance for the loan, for instance, rather than provide collateral.

No wonder your country's real estate market went for shit.  No collateral.  Not even the property itself.  That is some messed up system you got there.

  Who said anything about them not seizing the property after a failure to pay?  The mortgage insurance is there to cover the lender in case of default.  The property is still going to be seized.

Regardless, this still doesn't change the my initial comment.

[Sheilbh]

The Singaporean bureaucracy seemed to be very efficient and streamlined when I was there. Certainly more efficient that American immigration & work permit procedures. No idea about redtape for corporations.

My old job was researching different government policies and in the developed world the US had the most unfriendly and seemingly bureaucratic systems.

We can easily be back to a regular theme here: definition of middle class. Rising living standards does not necessary equal rise in middle class as a political group.

I'm British, believe me I get that there's more to class than living standards and wealth

But the truth is there's always only been a tiny upper class - remember 'the rich' aren't necessarily upper class and 'the poor' aren't always working class - but I think a majority of people both objectively and subjectively are middle class now.  In the immediate post-war that wasn't the case.

[crazy canuck]

  Who said anything about them not seizing the property after a failure to pay?  The mortgage insurance is there to cover the lender in case of default.  The property is still going to be seized.

So the banks do take the property as collateral... 

[MadImmortalMan]

  Who said anything about them not seizing the property after a failure to pay?  The mortgage insurance is there to cover the lender in case of default.  The property is still going to be seized.

So the banks do take the property as collateral...

Yes, and then they cash in the insurance policy on the loss as well.