President Trump: The NEW one and only politics thread

No, I mean Boeing, too. And you, if you have a mortgage and some consumer debt. And me, etc.

What would happen if all the creditors (banks, venture capitalists, etc.) were told they just had to deal with not being repaid? And they couldn't repossess anything or recoup anything? Boeing got to stay Boeing, keep all its planes, routes, etc., and owed nothing? You got to keep your condo and your car and whatever else you bought? In that instance would the only ones hurt be the creditors? And if so, what would be the fallout?

 

That's what I'm saying. What if the government did just that? Told creditors "Too bad, so sad"?

 

Yes, that's exactly what I was asking for: the fallout.

 

Like... Really fucking bad? It would basically mean the destruction of the credit and the loan market. Why would any institution with a lot of money lend it here again? While I'm a "victim" of the market - I was given a credit card in my early 20s with way too high of a limit - I also recognize there are pretty awful ramifications for every day life if you can't access easy credit at all.

 

It would likely violate the Constitution’s Contracts Clause, which says something like the government can’t fuck around with existing contracts. The Court did recognize in Home Building & Loan Assn. v. Blaisdell, 290 U.S. 398 (1934) there could be emergencies resulting in “Economic conditions in which a temporary restraint of enforcement of contracts ... consistent with the spirit and purpose of the contract clause, and ... within the range of the reserved power of the State to protect the vital interests of the community.” In this case, the Court found conditions resulting from the Depression justified a law that, under certain circumstances, extended the time a mortgagee could save property from foreclosure. The Court found the limited effects on mortgages were reasonable and the law took into consideration the interests of both parties. A total abrogation of loan contracts, however, should fail the tests the Court used in upholding this law.

Although none of his Originalist brethren joined his dissent, Justice Gorsuch recently argued the Blaisdell balancing test should not be used; that the Contracts Clause is absolute.

 

Thank you, all. This wasn't me smallpotatoes'ing you so I could make an argument elsewhere. I was genuinely curious.

 

Hey, front me $10,000 and I'll show you in real time.

 

Mark Cuban is far from perfect, but if all tycoons and CEOs were like him, this would be one hell of a lot better country. Probably one with a permanent Republican majority, too.

 

I think he said that about the whole bunch, who no doubt checked their Q ratings when they got home.