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Squawk of the Day - May 10, 2013

"I think I will go take out a loan in my 4-year-old grandson’s name so he can pay it back when he grows up. If the American government can do it, why can’t I? I know. It won’t buy me any votes."

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Comments

Sherwood_Eagle_Alum 1 year, 2 months ago

So, is your point that you care as much about your grandson's future as politicians care for the future of the U.S.?

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Amazed2 1 year, 2 months ago

Good luck on getting the loan!! Be sure he wears a coat and tie to meet the bank.

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RedEric 1 year, 2 months ago

The Gimmedats are doing this already, taking loans in their children's SS numbers. We have 7 year old kids with destroyed credit. Their idea of future benefits is the next bag of powder or crystal.

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Shinedownfan 1 year, 2 months ago

The debt will drop-off in 7 years anyway. It will be off their record by the time they get a credit card... I think...

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Sherwood_Eagle_Alum 1 year, 2 months ago

In my early days I saw parents with disabled kids using the kids credit profile to their advantage. The kid was 18, signed the contract, and was ultimately responsible for the default. It doesn't happen a lot, but it is disgusting to see parents taking advantage of their kids. That is the opposite of what parenting is all about.

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Ihope4albany 1 year, 2 months ago

I don't understand what is this matter about?

The American way has always been to take from others and let the future pay for the sins of the past. So what is new?

What should happen is for America to pay all of her debts and start out with a clean slate. I hope for that one day when the appointed Time comes.

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VSU 1 year, 2 months ago

I agree, but you can't pay off the debt if you keep adding to the debt. It doesn't matter who built up the debt, but you can't bring it down if you keep raising it up.

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Sister_Ruby_Two 1 year, 2 months ago

Don't worry about a loan! Just get one of local Quack doctors to declare your kid crazy or has debilitating asthma or whatever and you can get Social Security disability payments for life! And don't forget to pick up your Handicapped Parking Sticker when you go there.

Some folks call it getting a "Crazy Check" every month in the mail.

Note for Rebuttlers: Not all doctors are Quacks...did I say they were? No, but there are PLENTY who are. The evidence is everywhere around you. Just open your eyes and look around.

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chinaberry25 1 year, 2 months ago

They have been doing that for years. I know with Bell South. Run up the bill for God knows how much and never pay. This is both races. Credit cards too. Child will have to file bankruptcy before they are 18. If a child is a minor, they should go after the parent for fraud.

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Sherwood_Eagle_Alum 1 year, 2 months ago

It's my understanding that the minor's credit profile would not be affected, seeing as how one must be 18 to legally sign a contract. I could be wrong, though.

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RedEric 1 year, 2 months ago

You are probably correct, but I doubt if GE credit, MasterCard, visa or the boys on the corner would give any weight to your arguement.

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FryarTuk 1 year, 2 months ago

Look, we set the interest rates. We print our own money. We determine it's value and every loan we have out is in American dollars. The only thing we have to do is moderate welfare (corporate and personal), prosecute fraud to the max, create jobs for the reformation of the infrastructure civil and physical, develop a rational energy policy, stop the damn wars and educate the populace. It's doable if you neuter the fringes on the far right and far left.

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