"Zeros out all credit card, mortgage, and other bank debt due to illegal banking and government activities."
So what happens to the assets and property purchased with said debt? Irresponsible people who loaded up on debt to the eyeballs get to keep all the goodies? Those smart enough to avoid debt like the plague end up with a big "fuck you"?
You keep what you have. The loan debt was obtained fraudulently by the bank. Chase already did this in Canada eliminating all credit card debt. I do not think there will be an advanced warning, just wake up one day and poof it's gone. Yes, some will make a lot more than others. I still would not balk at my debt and mortgage being erased.
"Zeros out all credit card, mortgage, and other bank debt due to illegal banking and government activities."
So what happens to the assets and property purchased with said debt? Irresponsible people who loaded up on debt to the eyeballs get to keep all the goodies? Those smart enough to avoid debt like the plague end up with a big "fuck you"?
Yep. ^ ? there better be some careful thinking around how this would work.
You keep what you have. The loan debt was obtained fraudulently by the bank. Chase already did this in Canada eliminating all credit card debt. I do not think there will be an advanced warning, just wake up one day and poof it's gone. Yes, some will make a lot more than others. I still would not balk at my debt and mortgage being erased.