Credit Card Comments III -- A Particularly Good Comment

70.August 6th, 2008 10:43 amLinkI agree with Commenter 24. "Legal personhood" in the form anthropomorphic "Corporations" creates a legal system with two types of "persons." There is the "Person-Person" and "Corporation-Person," both of whom claim legal protections and market rights as "persons."Then there are the investors, CEOs, and other "Person-Persons" who hide inside the amoral "Corporate-Persons," so to speak, and bail out with the money when the "Corporate-Person" falls into debt, fails, or dies. I would call these the financial "Parasite-Persons." They are the ones who live under the "heads-I-win-tails-you-lose" laws they have created for themselves under the 14th Amendment.As for the amoral "Corporate-Persons" who sell debt, they are merrily sacking the nation. It is easy to blame the borrowers, the "Person-Persons"who "should know better." Caveat emptor, and all. But if we have consumer safety rules about selling food, children's toys, drugs, cars, etc., why so few rules about selling debt?That is all banks do, by definition. They sell debt. They are debt pushers. They have an exclusive government license to sell contractual debt. We need an equivalent of the FDA carefully checking and screening the safety of this debt. It is sheer stupidity to listen to the bankers and the rating agencies when they tell us, "Don't worry. The market automatically checks the safety of all this debt. After all, why would anyone buy it if it weren't safe?" Right!Would we believe a drug pusher who said the same? So why believe a debt pusher? It really isn't that complicated. They just invented a mathematical language to make it appear complicated. I don't care how smart bankers and banks are. They need to be watched as closely as used car salesmen! The motives are the same. Especially when they are inside the government. All they are doing now is trying to figure out how to prop up the tires and sell more debt.— Nelson Alexander, New York CityRecommend Recommended by 9 Readers