A Modest Proposal

[osoab]

A Modest Proposal (http://www.zerohedge.com/article/modest-proposal)


The artist said that the more complicated an idea, the more worthless. So here is a very simple bizarro world thought experiment:

What would happen if...

1. Everyone in America maxed out their credit cards (on average about 4) to pay as much of US debt as possible (link)...
2. Everyone refused to pay their credit card bill when invoiced.

Net result: America pays off the debts incurred to rescue the banks?

h/t Storm

Interesting idea. Then again, wouldn't our crooked cronies of CONgress create legislation to prevent credit card write-offs?

[Ponce]

I would give no one any reason to take over my home......I'd burn it to the ground first.

[osoab]

I would give no one any reason to take over my home......I'd burn it to the ground first.


Currently you can max out and dump your c.c. debt in bankruptcy.

I know of someone who dumped 20g's in c.c. debt then put $500.00 down to buy a 140K house.

At this point you wouldn't be leveraging your abode.

[LuckyStrike]

Sounds like a great idea.

Just like everyone stopping paying taxes tomorrow is a good idea, the problem is only about 100 people out of 300 million will do it, and they still have 100 empty cells.

[osoab]

Sounds like a great idea.

Just like everyone stopping paying taxes tomorrow is a good idea, the problem is only about 100 people out of 300 million will do it, and they still have 100 empty cells.



It would be tough on the tax thing. Only business owners could really pull that off. How would you get your employer to not take out payroll taxes?