Trial from God...or deserved consequences?

Really? So, we can just ignore the moral and ethical considerations then?
(I heard somewhere that the Jubilee was never officially carried out during Israel's history prior to the exile - but I'm not certain on that. I do not recall the Biblical writers ever really bringing it up)

That is true enough. I was using the term force more colloquially, but you are right.

When your business model is effectively predicated on people not meeting contractual obligations then I think that is morally dubious.


The whole 2008-era mortgage fiasco is a major can of worms that a lot of people should have gone to jail over, but did not.

 

When the US government decided to get into the loan guarantee business, that was a constitutional overreach for which people should have been impeached, that is for certain.

Governments have absolutely no business being in the mortgage business. The only exception I will make to that is the idea of the government offering Veterans loans on preferential terms in return for their service in uniform.

Otherwise, all lending should be private with no government backed loans or guarantees.

The efficient capital market should deal with interest rates, underwriting, and terms of loans.

I'm not aware of any business model that is predicated on people not meeting contractual obligations.

 

cough credit cards cough

 

Credit card companies have to build in gazillion dollars for losses when folks don't pay as agreed or file bankruptcy.
Credit card companies make money when people make their payments including interest.

If people can't do basic math in regard to interest amounts and minimum monthly payments, then shame on them for agreeing to the terms. Credit card company has been neither immoral or engaged in a business model predicated on people not paying pursuant to the contract.

 

RK, do you own Mastercard?

 

Exactly what I'd expect from you. So, if they have to cover those billions in losses, why were they sending out cards like junk mail for years and years. They were preying on the stupidity of people. For years Sears department stores primary source of income was their credit card business. Why do credit card companies put out minimum repayments (10% of balance) if not to induce the consumer to remain in debt. Why did they not routinely let the consumer know that if they followed that plan, they would never repay that debt. If this is not morally and ethically dubious, then I don't know what is. I'm not saying it's illegal, or that there is no complicity in the consumer, but come on.

BTW, do the Old Testament/Torah moral or ethical duties not apply anymore?

 

As in, "do I own stock in MasterCard"?

No. From time to time I look at VISA, AMEX, and MC, but I've not had sufficient time to really research their stock performance to make a call on any of them.

Do I have a MasterCard? I don't think so, but my wife may have one.

 

No, OT/Torah moral or ethical duties do not apply anymore. The rule of the Kingdom has a higher standard.

Part of that is honoring your agreements and paying your obligations as you promise.

I do not see any reason to impose of a lender the duty to do basic math for the borrower.

 

No interest to fellow,Jews.

Usury was ok for foreigners.

Every 50 years all debts forgiven.

 

Yes

 

Why the assumption? How was the Jewish nation any different from any other people group in regard to greed?

That's just anti-semitic BS.