One more crazy question on the economy

Tony Shelton

Tony Shelton

BS Detector, Esquire
What would be the ramifications of The entire world (or just the US) declared a return to the Year of Jubilee?

Bear with me here...

2009 all debts are forgiven. All your debts. All my debts. All other countries debts to us and we as a nation default on all loans made to us and declare them uncollectable and we start with a clean slate.

From that point on every 7 years all debt is forgiven.

This would completely restructure how the country works. Prices would stabilize. No one would be locked into a life of servitude.

People could actually own their homes again.

Home prices would fall drastically.

Less cost for housing would lower the need for high wages.

Compound interest is what has made the millions for these guys running off with our bailout money in the form of multimillion dollar bonuses.

I say let's put those guys out of work. They never create anything. They just make more and more money off everyone else's money and hard work.

What about the nations we owe? They already hate us anyway. How could this make things worse?

I know most of you are going to think I'm crazy. But most people thought our breaking away from the British over 200 years ago was a crazy idea too.

What is the downside of this?
 
Day late and a dollar short, my friend!!


Hussein already promised most of this, and has been elected. Of course none of it will happen, but hey, just win the election and sort the rest out later, ya know??
 
tonyshelton said:
What would be the ramifications of The entire world (or just the US) declared a return to the Year of Jubilee?

Bear with me here...

2009 all debts are forgiven. All your debts. All my debts. All other countries debts to us and we as a nation default on all loans made to us and declare them uncollectable and we start with a clean slate.

From that point on every 7 years all debt is forgiven.

This would completely restructure how the country works. Prices would stabilize. No one would be locked into a life of servitude.

People could actually own their homes again.


Home prices would fall drastically.

Less cost for housing would lower the need for high wages.

Compound interest is what has made the millions for these guys running off with our bailout money in the form of multimillion dollar bonuses.

I say let's put those guys out of work. They never create anything. They just make more and more money off everyone else's money and hard work.

What about the nations we owe? They already hate us anyway. How could this make things worse?

I know most of you are going to think I'm crazy. But most people thought our breaking away from the British over 200 years ago was a crazy idea too.

What is the downside of this?
Click to expand...

Tony for presedent in 2012....... :D
 
War on our turf. Everyone bombs the crap out of us and we have missles hitting us every day.

I am enjoying the downturn in the economy. Selfishly, I wish it would stick around for quite some time. (Dont hate me now)
 
JFife said:
[Sticking out my cyber-hand to shake yours!!]


This will be good for us, clean some of the waste out of our economy.
Click to expand...

I like it from the real estate aspect of things. My real estate business is thriving like it has never thrived before. I lost EVERYTHING (except my pressure washing stuff) from a material aspect at the beginning but now it is great.
 
Could you explain further, Jonathan?

Do you mean RE business as it pertains to pwashing, of do you have other interests?? I'd be very interested to know what ur doing in this regard.....I'm trying to plot out good RE moves and you are in an area that is further advanced in the crunch than my area---so any tips/theories/ideas are much apprec.!
 
I am talking from the investment stand point. I do real estate investing as well as pressure washing. I have taken a smaller roll in the re now because of the events of a year ago when the real downturn stated getting hardcore and I did not know what to do.

I would be more than happy to talk to you about it. Give me a call or e-mail me sometime and I will chat.

We do have access to private investors that are still doing loans and they are no documentation loans with no money out of the buyers pocket. Having access to this loan in this economy has catipulted the business.
 
Plus by taking a smaller roll I have more time to devote to the pressure washing to build it up.
 
Jonathan Ellis said:
I am talking from the investment stand point. I do real estate investing as well as pressure washing. I have taken a smaller roll in the re now because of the events of a year ago when the real downturn stated getting hardcore and I did not know what to do.

I would be more than happy to talk to you about it. Give me a call or e-mail me sometime and I will chat.

We do have access to private investors that are still doing loans and they are no documentation loans with no money out of the buyers pocket. Having access to this loan in this economy has catipulted the business.
Click to expand...

Send me your investors phone number!
 
Call me 770-681-0881 or the better person to call would be my partner, his number is 703-929-8967
 
tonyshelton said:
What would be the ramifications of The entire world (or just the US) declared a return to the Year of Jubilee?

Bear with me here...

2009 all debts are forgiven. All your debts. All my debts. All other countries debts to us and we as a nation default on all loans made to us and declare them uncollectable and we start with a clean slate.

From that point on every 7 years all debt is forgiven.

This would completely restructure how the country works. Prices would stabilize. No one would be locked into a life of servitude.

People could actually own their homes again.

Home prices would fall drastically.

Less cost for housing would lower the need for high wages.

Compound interest is what has made the millions for these guys running off with our bailout money in the form of multimillion dollar bonuses.

I say let's put those guys out of work. They never create anything. They just make more and more money off everyone else's money and hard work.

What about the nations we owe? They already hate us anyway. How could this make things worse?

I know most of you are going to think I'm crazy. But most people thought our breaking away from the British over 200 years ago was a crazy idea too.

What is the downside of this?
Click to expand...


In seven years all the people that had out of control debt before, would have it again. Would they just keep getting away with spending money that isn't theirs? Everyone would borrow massive amounts of money because they knew they would get it back. Sounds like craziness to me!
 
Jonathan Ellis said:
I am talking from the investment stand point. I do real estate investing as well as pressure washing. I have taken a smaller roll in the re now because of the events of a year ago when the real downturn stated getting hardcore and I did not know what to do.

I would be more than happy to talk to you about it. Give me a call or e-mail me sometime and I will chat.

We do have access to private investors that are still doing loans and they are no documentation loans with no money out of the buyers pocket. Having access to this loan in this economy has catipulted the business.
Click to expand...


Is this more no doc loans to more unqualified buyers:confused:
 
most are totally qualified. I am sure some will "slip through the cracks" that should not get the loans in the frist place.
 
ckingclean said:
In seven years all the people that had out of control debt before, would have it again. Would they just keep getting away with spending money that isn't theirs? Everyone would borrow massive amounts of money because they knew they would get it back. Sounds like craziness to me!
Click to expand...

This is a biblical concept. There has to be a validity to it. Looking back, most of the laws we have today are based on biblical concepts.

Other civilizations such as in Ur, where Abraham first lived they too, through royal edict, declared all debts null and void whenever the king thought things were getting out of control.

Moving foreward the same thing happened with the Persian king Darius.

The problem with those types of edicts is that no one ever knew when they were coming and that fear and uncertainty led to an unstable market.

Between those time periods we have the Jews and the year of the Jubilee. There is every indication that they had nothing but prosperity during the times they observed this concept. By Jesus' time they had all but forgotten it and you were back to the super wealthy and the destitute and few in between.

If put into effect today, there would have to be common sense safeguards that businesses would have to put in place minimize abuses.

We're not too far from that now. By law any US citizen can file bankruptcy every 7 years. A person filing bk doesn't lose everything.

Once a person has borrowed and can't repay it goes on their credit report.

The same thing would happen under my scenario. A smart business would not loan to them until some time had passed to learn their lesson.

Long term financing is a modern invention that is destructive to society.
 
Jonathan Ellis said:
most are totally qualified. I am sure some will "slip through the cracks" that should not get the loans in the frist place.
Click to expand...

Just asking but what does qualified mean?

If this is No Doc Loan, you need very little to get a no doc loan I had one in 2002 or 2003 and they really didnt ask me for anything other than my credit report which at the time had a horrible credit score. Asked for no tax papers, didnt even ask if I was working. I did put $40K down on a $140K house but I guess it made me qualified but it doesnt mean its a good loan

I just dont understand how you can qualify some one with no money down and no docs. Not trying to knock what you are doing it just sounds like the same old same old
 
jlpressure said:
Asked for no tax papers, didnt even ask if I was working.
Click to expand...

I thought those no doc/ low doc loans were eliminated via recent legislation.

Ours in 2004 asked for tax returns on which we showed basically zero income after all the deductions.

They also asked for our bank accounts. My wife did short term loans $300-$500 in her business for some of her customers so when they saw between $40,000 and $100,000 per month flowing through her bank account they fell all over us to give us the loan even though only a portion of that was her actual income.

They determined that we qualified for more than twice what we were asking for just from the bank account information without even asking us what portion of that was ours to keep.
 
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