Originally Posted by
Mark Smiles
The Banks sold people money, the people took the borrowed money and purchased property with it. The property purchased is merely collateral for the loan. Banks don't make loans so they can get the collateral. If we want to have it the law that people cannot collect the collateral for a loan that is not paid off, who is going to loan any money?
If we want to gift people property, then we have to decide who pays for the gift? If the government forces the banks to pay for the gift, this will merely be a tax on the banks customers, when the expense is passed thru. The question then is it fair to tax the banks customers to pay for the gift? In other words, why is this a burden bank customers deserve?
If politicians want to pass out gifts, shouldn't it come out of the general fund that everyone pays into, and compete with other spending priorities? Is t this a better policy, to have public spending policies out in the open, with out hidden taxes?
This way those who want to play Santa Claus, can so openly and honestly.