Repo Man

1. Why would a bank make a secured loan to someone they know can’t afford it? Because they can collect interest for a while – and then repossess the property.

2. Why would anyone continue to loan money to Barack Obama? See answer to question 1 above.

About stevengoddard

Just having fun
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8 Responses to Repo Man

  1. gator69 says:

    “While it is technically possible for a bank to make a profit from a foreclosure, foreclosures generally appear as net losses on bank balance sheets. When banks foreclose on a house and then sell it, the bank receives the money from the sale but the amount is usually less than what the bank originally loaned to the homeowner.”

    There are many costs involved with foreclosures, and this is what prevented banks from making bad loans, until the Democrats put a gun to their collective heads. Banks are as a rule are risk averse, the housing bubble was a creation of idiotic vote buying politicians. Like Obama.

    • Josh says:

      +1 You nailed it. Banks don’t want to foreclose, they want to be repaid. In response to the main post – not sure what US debt holders are going to repossess. And, Congress could repay the debt tomorrow. They have the authority to mint money. They could mint a 17 trillion dollar coin. It would freak everybody out and there would be a total loss of faith, likely resulting in big inflation, but it could be done.

  2. Edmonton Al says:

    China has loaned the US enough to bring down thr good ole’ USA if they decide to sell.[theirdebt]
    Maybe the government should get another UN IPCC [International Panel for China Claim]
    To hire 4000 economists to run some computer models, to see if the USA is still a country in 2100?

  3. Climatism says:

    One of my favourite movies of all time ;p

    “Bud: [doing speed with Otto] Never broke into a car, never hotwired a car. Never broke into a truck. ‘I shall not cause harm to any vehicle nor the personal contents thereof, nor through inaction let the personal contents thereof come to harm’ It’s what I call the Repo Code, kid!”


  4. Beale says:

    I don’t get this. What is the security for government debt, and how would would someone repossess it?

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