Waiving debts corrupts the credit culture.
And that's the one thing that people do not understand is that we have very low interest rates and if those go back to historical levels or even go back to scary thoughts that they're back in the late '70s, early '80s, then that's going to really be hard to actually pay off those debts. It's going to be a - it's going to be a very big problem.
When debts are not paid because they cannot be paid, the best thing to do is not talk about them, and shuffle the cards again.
Is there any reason why the American people should be taxed to guarantee the debts of banks, any more than they should be taxed to guarantee the debts of other institutions, including merchants, the industries, and the mills of the country?
A default on our debts as a result of not meeting our obligations would be a disaster for the stock market, and Americans would see their retirement funds shrivel up.
Someone has to pick up the tab when people get out of repaying their own debts.
I would not trade America's position in the world - our ledger, our debts and assets - for any country in the world. There isn't a country in the world even close to America.
We already know that the experience of lockdown is a mixed bag. It is increasingly recognised that for many it can be hellish. Enforced leisure - if you are crippled with worry about debts, insecure job prospects, your family's health - is no holiday.
I don't like having debts. I don't like buying anything that I can't buy in cash.
Pay your utilities, gas and other basic needs before paying on your debts.
