Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Strategies & Market Trends : 2026 TeoTwawKi ... 2032 Darkest Interregnum -- Ignore unavailable to you. Want to Upgrade?

To: Maurice Winn who wrote (79064)	9/6/2011 2:06:29 AM
From: TobagoJack	Read Replies (3) \| Respond to of 218072

cb ilaine's <<Predatory lenders prosper>> is of the same category of funnies as the ds kahn's run-in with 'rape by oral sex', a ridiculous concept by the very nature of what would be involved. even the loan shark at casinos cannot be considered predatory, for no one can force a loan on an unwilling taker, just as no one sane can force anyone into oral sex.

To: Maurice Winn who wrote (79064)	9/6/2011 8:16:28 AM
From: carranza2	Respond to of 218072

i strongly urge you to read Graeber's book on debt so that you may understand the true nature of it. it is not simply ious or jubilees, etc. debt is incredibly complex, inherent in any number of relationships. our view of it as a financial thing is much too limited. think about the parable of the ungrateful servant, the fact that christianity's focus on 'redemption' uses a financial term, that the first recorded word for freedom meant freedom from debt.

To: Maurice Winn who wrote (79064)	9/6/2011 8:46:15 AM
From: Ilaine	1 Recommendation Read Replies (1) \| Respond to of 218072

>>Debt "slaves" is a lie.<< Let me give you just one example. In the US, if you have a judgment against you, it is legal for the lender to garnish your wages and take 25% of your takehome pay. In Virginia, the creditor can do this every six months, seamlessly, without any respite in between. And, at the contract rate of interest, which, can be as high as 29% -- actually there is no legal limit, this is just the highest I have seen so far. So, just one example. One of my clients owed a vehicle loan of $5000 -- co-signed for a friend, who defaulted, the car was repossessed, the creditor got a judgment against the client and started garnishing her wages. Three years later, after having 25% of her takehome garnished every week, she now owes $8500. 25% of her takehome isn't enough to even get ahead at 29% interest. She is falling further and further behind She's never going to be able to pay off that debt. If that isn't slavery, I don't know what is. Should she have foreseen this? I doubt very many people even know this is possible. I didn't until I saw it.