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I need someone more versed on the socio-economic issues to school me on something...

Discussion in 'Political Discussion' started by KontradictioN, Feb 21, 2009.

  1. KontradictioN

    KontradictioN Do you even lift? PatsFans.com Supporter

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    I'm not sure how valid this thought process is or if this will ever be done, but I was thinking about it last night and decided there was no better place to ask than here. Say the recession somehow becomes a depression and the economy is worse than we've ever seen it (even worse than before WWII). Would it be possible or would the government consider wiping everyone's debts off the books (mortage, credit card, auto, etc.)? And, if they did, how would that impact the economy?

    Not really a thread for debate, just me trying to edjamacate myself.
  2. PatriotsReign

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    Re: I need someone more versed on the socio-economic issues to school me on something

    It's a great question and one I was thinking about as well. My thought was specifically directed toward the banking industry though. What if all banks debts were forgiven?

    No matter how this would be done, it definately wouldn't be "fair" as people and businesses have varying degrees of fiscal responsiblity. Some would benefit hugely while other might not benefit directly at all. But if we consider that a fresh start on the economic front would benefit everyone, I think that could make it the great equalizer.

    I think the downfall is that wiping out debt also means wiping out "accounts receiveabel" as well. And that is pure Income. If the company I work for had our accounts receiveable wiped out, it would devastate us. Our accounts receiveable is someone else's debt.

    On an individual level, what we owe is the income of the companies that hold our debt. So in the end, this wouldn't be possible without wiping out many companies. The stock markets would crash upon even hearing such a plan.

    So as good as it sounds, it just isn't possible.
  3. Harry Boy

    Harry Boy Look Up, It's Amazing PatsFans.com Supporter

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    Re: I need someone more versed on the socio-economic issues to school me on something

    If I knew what "edjamacate" meant I could probably help you out....:confused:

    I think I "edjamacated myself" this morning, I was looking at a picture of Helen Thomas.
  4. KontradictioN

    KontradictioN Do you even lift? PatsFans.com Supporter

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    Re: I need someone more versed on the socio-economic issues to school me on something

    Thanks for the response, PR. Question 2: What if the government allocated the bailout money to these institutions (in the event this happened) over a set amount of time to "keep them afloat" until the market bounced back? Would it be possible? What would be the reprucussions? And how much money do you believe it would take for it to work?
  5. KontradictioN

    KontradictioN Do you even lift? PatsFans.com Supporter

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    Re: I need someone more versed on the socio-economic issues to school me on something

    Educate = edjamacate.
  6. PatriotsReign

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    Re: I need someone more versed on the socio-economic issues to school me on something

    It depends what debt you're referring to. Are you specifically referring to debt held by private citizens? Or do you mean all debt, both private and public?

    So I am guessing that instead of just "forgiving" debt, you meant the gov't will pay everyone's debt instead of creating a stimulus package.

    All debt would far too large for the gov't to pay off. Even all the toxic loans on the books of our banks is probably 5 times larger than the stimulus package that just became law. And that is just the banking industry. If you actually mean paying off everyone's debt (public and private), it would be impossible. It would also mean 10's of trillions.

    Are you actually proposing that people who owe money on their mortgages just be given the home they live in?
  7. Patters

    Patters Moderator Staff Member PatsFans.com Supporter

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    Re: I need someone more versed on the socio-economic issues to school me on something

    We could achieve the same end by printing up enough money for everyone to pay off their debts.

    It would lead to an economic mess. It would disrupt the global economy, severely weaken the value of the dollar, cause massive inflation, and probably affect the market system to such a degree that it would destroy capitalism (in that there would be an incentive to accumulate massive debt if the government could just wipe it out).

    I think the better radical solution is to tax individual assets to pay for increase economic stimulus. For instance, the top 1% are supposedly worth $17 trillion. Tax them a couple percent per year for a few years, and you pull in enough money to get the economic engines running again.
    Last edited: Feb 21, 2009
  8. KontradictioN

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    Re: I need someone more versed on the socio-economic issues to school me on something

    No, I wasn't proposing anything. I was using it as a hypothetical. And I meant all debt, both public and private. Remember, this "suggestion" would only happen in the event that the stock market crashes.
  9. reflexblue

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    #91 Jersey

    Re: I need someone more versed on the socio-economic issues to school me on something

    Think of ed#$###$$% like this Harry, if its good your it.
  10. PatriotsReign

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    Re: I need someone more versed on the socio-economic issues to school me on something

    I just don't see it even being remotely possible. That would mean anyone living in a house would get to keep it no matter how much they owed. Remember, some people living in their house actually own it outright. My brother and his wife paid off their mortgage in 5 years.

    So those living in an apartment would get nothing, but someone in a house could theoretically get $500K even if they're wealthy. Not only would this idea be grossly unfair, it would throw off all the natural balances of the free-markets. Like Patters stated, it would create super hyper-inflation and possibly another economic crisis just as bad as the one we're in.
  11. Harry Boy

    Harry Boy Look Up, It's Amazing PatsFans.com Supporter

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    Re: I need someone more versed on the socio-economic issues to school me on something

    Thanks, I love this forum it's like going to MIT for nothing...
  12. KontradictioN

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    Re: I need someone more versed on the socio-economic issues to school me on something

    Good enough. Give me more time and I'll think of another idiotic hypothetical to try to "fix" the economy. :p
  13. reflexblue

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    #91 Jersey

    Re: I need someone more versed on the socio-economic issues to school me on something

    No results found for edjamacate.:
    Did you mean adjudicate (in dictionary) or Adam Carter (in reference)?
    Dictionary suggestions: Reference suggestions:
    adjudicate adjudicate
    ˈdamaged ?damaged
    adjugate adjugate
    atacamite atacamite
    Adject Adject
    adjunct adjunct
    otc market otc market
    Atacamite
    DJ Mike T
    Eddie McAteer
    Edgar M. Chatto
    Edgcott
    Iide, Yamagata
    Tekka Market
    Adjunct
    Adam Carter
    Edgar (mascot)
    Would you like to search the encyclopedias, or search the Web for edjamacate.?
    For better results, try our search tips.
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    Search another word or see edjamacate. on Thesaurus | Reference

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    Last edited: Feb 21, 2009
  14. KontradictioN

    KontradictioN Do you even lift? PatsFans.com Supporter

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    Re: I need someone more versed on the socio-economic issues to school me on something

    I have a hard time believing that nobody has heard the phrase "I is edjamacated" before.
  15. reflexblue

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    #91 Jersey

    Re: I need someone more versed on the socio-economic issues to school me on something

    They have heard of it in the urban dictionary they say it means to educate ones self. So harry probably did edjamacate himself this morning. :D
  16. Harry Boy

    Harry Boy Look Up, It's Amazing PatsFans.com Supporter

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    Re: I need someone more versed on the socio-economic issues to school me on something

    Estimicate as in "I estimictaed the bastards before they could estimicate me"
  17. Patters

    Patters Moderator Staff Member PatsFans.com Supporter

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    Re: I need someone more versed on the socio-economic issues to school me on something

    I never heard it either, and the expression only turns up 8 hits in google:

    "I is edjamacated" - Google Search

    At any rate, it's a good term.
  18. KontradictioN

    KontradictioN Do you even lift? PatsFans.com Supporter

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    Re: I need someone more versed on the socio-economic issues to school me on something

    Must be a South thing. :D
  19. BelichickFan

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    #24 Jersey

    Re: I need someone more versed on the socio-economic issues to school me on something

    I don't know if your number is correct, but playing along . . .

    1% of 17T is 170B. You'd have to tax "them" 1% for 6 years just to pay for Barack and Nancy's latest spending spree. Or 2% for 3 years. And that just pays for the first month of what Obama has cost us.
  20. PatriotsReign

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    Re: I need someone more versed on the socio-economic issues to school me on something

    It's not idiotic at all. Like I said, I was thinking of something similar, but you helped me think it through. We need people to come up with ideas more and more. So keep it up Kontra!

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