[Homestead] The Usury Business, How To Avoid Going To Jail
sgian at planetc.com
Thu Sep 2 21:21:36 EDT 2004
> James, what is the Libertarian Party's position on regulation of the
> financial services industry?
Strictly 'Caveat Emptor'. But keep in mind that works both ways.
The borrower would be strictly responsible for knowing the terms of a loan
before he agreed to it. The lender would be subject to the Libertarians'
battle cry of "free to act as you please except the use of force or fraud".
This means that if the lender wrote a deceptive contract, one that was
designed to deliberately hide what the borrower was agreeing to, the
borrower could refuse to fulfill the contract. The lender could take him to
court and if the borrower made a case for fraud, the lender is out of luck.
The idea of Libertarianism in this is that the government should be out of
the whole picture as much as is at all possible. It is far harder to bribe
every court and every jury in the country than it is to bribe one president.
>We already have interest-only loans
Gene, how do those work? Does the borrower only pay to service the loan but
not any on the principal? What's the difference between that and rent?
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