This is something I don’t get about the bailouts. The airlines have been through bankruptcy before and the industry is still with us. Why must we bail them out now? Why can’t we just provide DIP financing if need be and let the process work? Would love an alt perspective!https://twitter.com/DanielleFong/status/1248591202611585031 …
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Replying to @LAForeverHall
The whole thing depends on the general public and, probably, most legislators not understanding the difference between the words "bankruptcy" and "liquidation".
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Replying to @moseskagan @LAForeverHall
>not understanding the difference between the words lol come on this is like neolib tv pundits crying about people "voting against their economic interests." so disconnected
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"bankruptcy" (as in chapter 7) is a club used to beat working/low middle class people over the head with, widely inspires terror, the worst thing that can happen to you after death or dismemberment
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Replying to @alicemazzy @moseskagan
It’s situational. A family member of mine had no assets but a lot of debt left from a failed real estate purchase. I had this family member go through chapter 7 to wipe out the debt as a matter of estate planning in case I died. You can use BK code very tactically.
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Replying to @LAForeverHall @moseskagan
this is a mindset thing bro, most people don't think this way. bankruptcy is seen as liferuiningly bad, this black amorphous thing in the distance, and not just a material but a moral failing
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so what? that's the grand bargain of society. respect the spirit of the law and it will keep you safe. if everyone became maximally self interested tomorrow then in a year we'd have military rule or warlordism, millions dead
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Replying to @alicemazzy @natstewart5 and
the only people who think this way are merchants and criminals, most people just want to be comfortable and fed and are willing to render their obedience in exchange and if this makes them happy I don't think there's anything wrong with it
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It’s not criminal to legally use the bankruptcy code to your advantage. If you’re judgment proof (have no assets worth anything) it’s not even painful and is actually a healing process.
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