- cross-posted to:
- theguardian_us@ibbit.at
- cross-posted to:
- theguardian_us@ibbit.at
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Selling debt…
No no - selling people. This is setting the stage for offering US citizens as
slavesindentured servants to other countries.No no, not indentured servants, private prison work programs. Are you mad? Slaves and indentured servants opens them to laws that required them to provide them adequate housing, if they are labelled as prisoners it’s much easier to ignore them and keep them locked into the system.
It’s gone on for a long time. The US housing collapse was due in part to this, banks gave home loans to people who couldn’t afford them. Why? Because as soon as the mortgage loan was signed those banks would sell the debt to investment banks who would bundle them and sell them off to investors.
Couldn’t this potentially work in students favors during defaults or bankruptcies? I’m trying to think how and hoping there’s a loophole the administration overlooked.
Unlike the Democrats, three will be no clutching of pearls to get their objectives. No one would want that debt that everyone knows is barely serviceable, unless it has a no-out clause. Then you get to own someone for the rest of their life!
Indentured servitude gets capitalists excited. No recourse, keeps people desperate for the kinds of jobs and conditions they want to offer.
Yep, this is exactly what I thought… please do this so you have a ton of students with nothing but debt when they graduate that can nust declare bankruptcy…
Potentially. Currently you can’t bankrupt federal loans, but maybe you could after this?
But I doubt it, they’ll ensure ample penalties I’m sure.
Is it just Federal loans that you can’t default on I thought it was all student loans?