Urge Congress to reinstate the Debt Relief Act for 2013-2014

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  • Chris B Salt Lake City, UT
    Dec. 12, 2012 2:28 p.m.

    Why should I be forced to pay for someone else's bad decision in buying a home they wouldnt be able to afford?

    You can argue it seemed like a good decision at the time, but that doesn't matter.

    My neighbor should be forced to pay for my bad decision, and I shouldnd thave to pay for his.

    Sorry liberals. Pay for your own mistakes.

  • Grundle West Jordan, UT
    Dec. 10, 2012 8:35 a.m.

    I find it odd that I agree with "one old man" on an issue...that is that the Debt Relief Act should not have been gutted as it was. Not for the reasons stated by Hedrick Smith (a classic wealth redistribution advocate) but because it added power to the money lenders of our society to continue to enslave the individual without an escape clause.

    I also very much disagree with his very one-sided analysis of the Hostess failure. It was a result of trying to conduct business in an environment where demand was down, management outdated, and labor unyielding.

  • Screwdriver Casa Grande, AZ
    Dec. 8, 2012 10:12 p.m.

    While a very biblical principle, debt relief is probably never going to happen. Now if we had true parody with the rich, we would get a huge windfall, bonuses and an even better job just for foreclosing.

  • Christian 24-7 Murray, UT
    Dec. 8, 2012 12:59 p.m.

    Everyone and every business needs to be responsible for the debts they incur. But then I am nervy enough the think the government shouldn't spend money it doesn't has.

    Due to an attractive market, many people bought houses that were more than they could afford. Propping them up just means we will have to keep propping them up, because they are in houses they simply cannot afford. The better solution is to let them downsize to the right size house for their budget. Let the market finish adjusting. Together home owners and lenders made unreasonable loan contracts. Let the banks negotiate a short sale with the owners if needed.

    This is what responsible adults do.

    When you prop up the payments for the home owners, you are in fact bailing out the banks. They will get all the money.

    Did you catch that? BANKS WILL GET ALL THE MONEY.

    As one who purchased modestly, I resent being asked to pay (taxes to) banks for the mortgages they shouldn't have granted, on extravagant houses the owners never should have bought in the first place.

  • one old man Ogden, UT
    Dec. 8, 2012 9:05 a.m.

    The repeal of the Debt Relief Act is one of the causes of the demise of the American dream cited by Hedrick Smith in his book, "Who Stole the American Dream."

    Especially interesting because at the same time Congress stole the DRA from ordinary Americans, they made bankruptcy much easier for large corporations. Now, instead of bankrupt corporation being required to use an outside set of managers to satisfy the bankruptcy's requirements, they are free to allow current executives to take care of it.

    This results in some of the outrageous behavior we've seen in cases such as the recent Hostess bankruptcy. In that case, top execs handed themselves pay raises of about 300% and even asked for bonuses of about a million dollars each to "do the work needed to close the company." Unbelievably, the bankruptcy court handed them bonuses of several hundred thousand dollars each.

    But this is America, where Congress has been bought and paid for by the big guys. We little guys just have to suck it up and keep smiling.