UncleBuck
Well-Known Member
but where is the theft? you called me a thief, implying i took something from someone without their permission.
that never happened.
U.S. Job Growth Slows Sharply
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that never happened.
cannabineer
Ursus marijanus
I finally read back and found out what this was about. I retract the bit about theft.
But i still have questions about the morality of strategic default. I don't buy into the "amoral marketplace" jesuitry mentioned in the Wiki article.
Seriously, taking the money and choosing not to pay it back ... I can see that it would not be classified theft.
Did you engage in strategic default, i.e. defaulting when you could still pay? What was your rationale? How does this become an honest transaction?
Imo there are honest defaults; those are driven by outright incapacity to service the loan. But by the Wiki definition that you posted hinged upon choice to default while one could still pay.
A loan is a matter of one's word of honor. To strategically default does real harm to that honor. As I said earlier, the loan signer receives and should expect no guarantee that the property in question will retain value. That is my opinion.
UncleBuck
Well-Known Member
i never said it was an honest move.
i had been using the card for years with no missed payments. BoA changed the terms on the card, including a higher rate and a new annual fee so i closed it, as was my right. after that, they magically stopped receiving the payments i was making and refused to do anything about it. so i just stopped paying them, but not as part of a strategic default. just exasperation and anger.
my buddy who is a banker heard about it and walked me through the strategic part of the default.
and i do buy into the "amoral market", especially if we're talking about BoA. i still keep or have paid down other cards with other companies. but BoA is known for some very, very shady shit. i don't feel bad at all.
cannabineer
Ursus marijanus
Okay. I overstepped. And I am glad my accusation was a mistake.
I do worry though about strategic default as an acceptable way of doing business.
And yeah, I'm none too pleased with BofA. They keep reframing my checking contract. They had some real weasel logic for going back on a supposed perpetual deal with my account.
I do worry though about strategic default as an acceptable way of doing business.
And yeah, I'm none too pleased with BofA. They keep reframing my checking contract. They had some real weasel logic for going back on a supposed perpetual deal with my account.
cannabineer
Ursus marijanus
add: I apologize. Accusation of theft is serious, a questioning of honor. In doing so i endangered my own. I understand that you were, uhm, surprised.
UncleBuck
Well-Known Member
no need to apologize, although i understand how important it is for you personally to do so since you like to stay out of the mud. it is a madhouse in here, and i am just along for the ride. sometimes things get said, but to me it's just words.
i'm sure i haven't heard the end of this though.
UncleBuck
Well-Known Member
i'm a fucking psychic.
You aren't a thief, as long as you paid off 10% of the loan, the bank is out nothing except their profit.
The laws have since changed, making you an unsecured creditor to the bank now, and that money you put in your saving/checking account IS NOT YOUR MONEY, it belongs to the bank now.
What do many banks do with bailout money besides give it away as bonuses? They buy US treasuries. i.e. the money they borrowed FROM us for 0% interest is loaned BACK TO US at 3% interest.
Unless you reneged on a few billion $, I doubt the bank is hurt much.
Harrekin
Well-Known Member
I dont know whether to be happy or worried to have been left out of that list...
UncleBuck
Well-Known Member
i actually thought about you after i made that list. you're one of the good ones, gleep gloop.
Harrekin
Well-Known Member
So Iz notz racezt?
UncleBuck
Well-Known Member
racetrolling is not racist as far as i can tell.