So, I follow the national and international news; Citi, bear Stearns, Morgan Stanley, suisse, BOA, lehman, WAMU, etc. Who's bailing out who and who the folks/government are that will offer the bailout. In many of the discussions, I continue to hear about the "mortgage" issue. But, at what point will we finally get down to the non-mortgage debt issues, as in unsecured debt.
My personal opinion is that we are only close to the tip of the financial iceberg. We have still have not seen the fallout from the unsecured debt in the US and world. At some point this will finally rear its ugly head. As a result, I suspect that we will see a major reversal and change to the "Bankruptcy reform act."
Perhaps the US government should set up a "debt repository" for unsecured debtors in the same manner that they set up the debt repository for creditors today. Then, the next time a collector calls, you can say, "Don't worry about it, your money is on Reposit."
What a bunch of lunatics.
My personal opinion is that we are only close to the tip of the financial iceberg. We have still have not seen the fallout from the unsecured debt in the US and world. At some point this will finally rear its ugly head. As a result, I suspect that we will see a major reversal and change to the "Bankruptcy reform act."
Perhaps the US government should set up a "debt repository" for unsecured debtors in the same manner that they set up the debt repository for creditors today. Then, the next time a collector calls, you can say, "Don't worry about it, your money is on Reposit."
What a bunch of lunatics.