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Response to dkf (Reply #4)

Sat Dec 31, 2011, 06:26 PM

17. Our country was founded on debt.

The American Revolution was fought on debt.

The Iraq War was fought on debt.

Debt is what keeps society going. The problem is that banks unwisely lent their money. They knew that the loans they were giving were extremely risky, so they purchased and sold derivatives to protect their interests from the foreseeable catastrophic losses.

Debt is good. Lenders who recklessly approve loans and then refuse to acknowledge their losses when the loans cannot be repaid are bad.

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marmar Dec 2011 OP
ixion Dec 2011 #1
Possumpoint Dec 2011 #2
4dsc Dec 2011 #3
Thaddeus Kosciuszko Dec 2011 #7
Possumpoint Dec 2011 #8
Thaddeus Kosciuszko Jan 2012 #23
fasttense Jan 2012 #21
russspeakeasy Dec 2011 #10
truedelphi Dec 2011 #14
dkf Dec 2011 #4
PETRUS Dec 2011 #9
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jwirr Dec 2011 #12
LineLineNew Reply Our country was founded on debt.
JDPriestly Dec 2011 #17
dkf Jan 2012 #24
bhikkhu Dec 2011 #19
90-percent Dec 2011 #5
xchrom Dec 2011 #6
femrap Dec 2011 #13
ddickey Dec 2011 #15
Initech Dec 2011 #16
bhikkhu Dec 2011 #18
fasttense Jan 2012 #22
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