Comment by stuffthatmatter | Hacker News Reader

Comment by stuffthatmatter | Hacker News Reader

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stuffthatmatter

It's really not that complicated.

People are walking away from debt obligations. - mortgages (12% of all mortgage, 50% subprime, 50% options) - credit cards (13% default) - personal bankruptcies (up 28% in second quarter)

federal/states/local governments are walking away from debt obligation - pension reduction - massive printing of dollar, $250B treasury selling this week

Companies are walking away from debt obligation - commercial mortgages delinquency up 586% this half - pension discharged by bankruptcy

Guess who's paying for this. That's right; the taxpayers.

So. Are you the sucker that's gonna keep on paying taxes?

All these you can google yourself (too many links to list here) I didn't come here to list all the bad things, since I doubt you even comprehend 1% of the atrocities. Therefore, I kept it simple for you.

If society decides to declare a general "jubilee" year, and cancel all debts, and you decide to pay off yours, it is true that you are at a disadvantage.

If society decides in general to massively devalue the currency to help irresponsible borrowers, that will punish responsible savers.

However, these do not imply "not working". That can imply not valuing currency as much, so you consider your salary less, or defaulting on your own debts even though it is distasteful to you, or all sorts of things, but it is unlikely to work out well for you if you are on strike while the prolifigrate borrowers are not.

If you want to go on strike, you will have much more effect by going on a spending strike rather than a working strike. I have been considering getting a bumber sticker for my rusty 1988 VW that says "I am going to keep fixing and driving this POS until the bailout money is paid back".

Agreed; I already pay very little taxes in income and spending. I am going to Asia for a year soon also.

While I will agree there a tons of irresponsible borrowers but I wish people would give some anger over the irresponsible lenders that helped create this mess.

There were far too many companies willing to throw as much credit around as it was more profitable to lend more than people could handle.

It was getting to the point that all you needed to get $10,000 of credit cards was a pulse... and even then that wasn't needed.

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