"we should punish prudent people who bought an asset with certain government guarantees and reward imprudent students who get to keep the asset that they purchased with the debt"https://twitter.com/EpsilonTheory/status/1143561069664845824 …
I'm torn. If the USG confiscates gold today and pays $10/oz, should we say "well, USG already demonstrated that it can do this under FDR, so you can't complain at all" ? I've got a mental / moral model that the longer a gov policy goes on the more legitimate it is to trust it.
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Perfectly reasonable, from a practical standpoint. But the whole idea of "bankruptcy has a fixed set of exclusions" is just asking to get your head handed to you if you rely on it too hard, y'ask me. It has been swinging back from a peak and people should expect it to continue.
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But I'm not merely arguing a practical standpoint. I'm arguing a moral one too. Look, I'm a libertarian / ancap. It seems delightful if folks who helped inflate the student loan bubble get burned. ...but turn it around and look at normal non-ideological people. Say >>>
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