Comments on: Get Out of Debt Now by Any Means http://openmindrequired.com/blog/2008/09/get-out-of-debt-now-by-any-means/ For book lovers, seekers, health enthusiasts and thinkers Thu, 08 Jul 2010 02:06:43 -0500 http://wordpress.org/?v=2.8.6 hourly 1 By: Jesse http://openmindrequired.com/blog/2008/09/get-out-of-debt-now-by-any-means/comment-page-1/#comment-2553 Jesse Thu, 30 Jul 2009 20:05:33 +0000 http://openmindrequired.com/blog/?p=520#comment-2553 Great post. I already knew a bit about the evils of the banking system, but this was a nice take on it. I don't know a lot about your decisions for declaring bankruptcy, but I think you did the right thing. People get so weighed down by their possessions and debt. Living simply with few possessions is cheap and allows us to not be owned by the corporations. Great post. I already knew a bit about the evils of the banking system, but this was a nice take on it. I don’t know a lot about your decisions for declaring bankruptcy, but I think you did the right thing. People get so weighed down by their possessions and debt. Living simply with few possessions is cheap and allows us to not be owned by the corporations.

]]> By: Joanne http://openmindrequired.com/blog/2008/09/get-out-of-debt-now-by-any-means/comment-page-1/#comment-1145 Joanne Sat, 15 Nov 2008 05:41:06 +0000 http://openmindrequired.com/blog/?p=520#comment-1145 I agree regarding legal not equating to moral. Legal just means what the corporations managed to finesse through the courts. It's also not moral for me to walk away from my debts, but I'm just playing by the rules of the game to which I was invited. The whole system is corrupt and designed to keep the peasants in eternal servitude to the blue bloods. The only way out is to decline their offers. But I don't think their offers will stop entirely. Thanks a lot for posting. I agree regarding legal not equating to moral. Legal just means what the corporations managed to finesse through the courts.

It’s also not moral for me to walk away from my debts, but I’m just playing by the rules of the game to which I was invited.

The whole system is corrupt and designed to keep the peasants in eternal servitude to the blue bloods. The only way out is to decline their offers. But I don’t think their offers will stop entirely.

Thanks a lot for posting.

]]> By: Persncikety Curmudgeon http://openmindrequired.com/blog/2008/09/get-out-of-debt-now-by-any-means/comment-page-1/#comment-1144 Persncikety Curmudgeon Sat, 15 Nov 2008 03:36:47 +0000 http://openmindrequired.com/blog/?p=520#comment-1144 LOL. Had your post forwarded by a friend. I love it! One of the best takes on the matters economic I've come across. One note to the contrary - Legal does not necessarily equal Ethical, Moral or Right. I believe that's how we got into this mess. Enron didn't necessarily violate it's business plan so did it do anything wrong? Rite Aid allowed multiple creditors to make them loans backed the same collateral creating quite a mess sometime back. GM is trying to blackmail the government for a bail out so it can continue paying 60 year olds $60,000 a year not to come to work to put hubcaps on cars inside out. I do believe the days of going bankrupt and simply getting new loans at higher interest in and endless cycle are about over. No credit at any price for anyone may be the ultimate result. No boo hoo's for the Wall Street lemmings mind you. As a banker type recently opined, "...everyone knew derivatives were non-sense and loan practices were out of control but no one wanted to speak up for fear of being found out as the only one in the room who didn't understand them. Turns out no one really did. LOL. Had your post forwarded by a friend. I love it! One of the best takes on the matters economic I’ve come across.

One note to the contrary – Legal does not necessarily equal Ethical, Moral or Right. I believe that’s how we got into this mess. Enron didn’t necessarily violate it’s business plan so did it do anything wrong? Rite Aid allowed multiple creditors to make them loans backed the same collateral creating quite a mess sometime back. GM is trying to blackmail the government for a bail out so it can continue paying 60 year olds $60,000 a year not to come to work to put hubcaps on cars inside out.

I do believe the days of going bankrupt and simply getting new loans at higher interest in and endless cycle are about over. No credit at any price for anyone may be the ultimate result.

No boo hoo’s for the Wall Street lemmings mind you. As a banker type recently opined, “…everyone knew derivatives were non-sense and loan practices were out of control but no one wanted to speak up for fear of being found out as the only one in the room who didn’t understand them. Turns out no one really did.

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