Comments on: The confession season http://blogs.reuters.com/unstructuredfinance/2011/10/16/the-confession-season/ Where Wall St. and Main St. intersect Wed, 22 May 2013 21:38:20 +0000 hourly 1 http://wordpress.org/?v=3.4.2 By: wallingtonlives http://blogs.reuters.com/unstructuredfinance/2011/10/16/the-confession-season/#comment-49 wallingtonlives Mon, 17 Oct 2011 17:46:24 +0000 http://blogs.reuters.com/unstructuredfinance/?p=176#comment-49 matthewslyman -- Kudos to you and your family for being personally responsible for yourselves and not stealing from others to do it! Congress will never increase taxes for the wealthy because they would feel it too much and they do exactly as their lobbyists tell them to! matthewslyman — Kudos to you and your family for being
personally responsible for yourselves and not stealing from others to do it!

Congress will never increase taxes for the wealthy because they would feel it too much and they do exactly as
their lobbyists tell them to!

]]> By: OFA7 http://blogs.reuters.com/unstructuredfinance/2011/10/16/the-confession-season/#comment-48 OFA7 Mon, 17 Oct 2011 17:22:34 +0000 http://blogs.reuters.com/unstructuredfinance/?p=176#comment-48 $2 trillion in hedge funds, $1.5 trillion in corporate cash holdings and another $1.5 trillion in expatriated corporate profits does nothing for the economy. $2 trillion in hedge funds, $1.5 trillion in corporate cash holdings and another $1.5 trillion in expatriated corporate profits does nothing for the economy.

]]> By: matthewslyman http://blogs.reuters.com/unstructuredfinance/2011/10/16/the-confession-season/#comment-47 matthewslyman Mon, 17 Oct 2011 13:52:50 +0000 http://blogs.reuters.com/unstructuredfinance/?p=176#comment-47 Good article - though, I worry that you are becoming infected with too much sympathy for the "Occupy Wall Street" protests (whose basic premise against greed and inequality is quite correct); in that here for the first time in recent memory is a Reuters news article advocating large-scale debt forgiveness WITHOUT also mentioning "moral hazard". We (me and my young family) just finished paying off all our debts (incurred partly through other peoples faults and failures; but we still took responsibility for them because they were legally our debts and were against our name) - paying these debts off was very difficult and involved a lot of sacrifice but the sense of achievement and freedom at having done it is absolutely amazing. We were following our financial position day-by-day on line-graphs, watching the debt numbers go down as we worked and saved! When you're in debt, every dollar saved is a dollar closer to freedom. Should we have waited a bit longer, spending like there was no tomorrow, waiting for the government to step in and save us from ourselves??? So that we could go and do it all again; whilst laughing at our thrifty neighbours from the window of a nice car??? Who exactly is going to pay for this debt jubilee anyway? The pensioners with savings, who are no longer able to work? Or the obscenely under-taxed billionaires like these fellows you mention, who are riding on everyone else's steam and don't even care to acknowledge the fact (as though their personal talent is 5 million times greater than another man's hard work)? Good article – though, I worry that you are becoming infected with too much sympathy for the “Occupy Wall Street” protests (whose basic premise against greed and inequality is quite correct); in that here for the first time in recent memory is a Reuters news article advocating large-scale debt forgiveness WITHOUT also mentioning “moral hazard”.

We (me and my young family) just finished paying off all our debts (incurred partly through other peoples faults and failures; but we still took responsibility for them because they were legally our debts and were against our name) – paying these debts off was very difficult and involved a lot of sacrifice but the sense of achievement and freedom at having done it is absolutely amazing. We were following our financial position day-by-day on line-graphs, watching the debt numbers go down as we worked and saved! When you’re in debt, every dollar saved is a dollar closer to freedom.

Should we have waited a bit longer, spending like there was no tomorrow, waiting for the government to step in and save us from ourselves??? So that we could go and do it all again; whilst laughing at our thrifty neighbours from the window of a nice car???

Who exactly is going to pay for this debt jubilee anyway? The pensioners with savings, who are no longer able to work? Or the obscenely under-taxed billionaires like these fellows you mention, who are riding on everyone else’s steam and don’t even care to acknowledge the fact (as though their personal talent is 5 million times greater than another man’s hard work)?

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