When you owe the bank $100 thats your problem.
When you owe the bank 13 billion dollars, thats the banks problem.
When you then use that money to create a platform of hate, racism, and facism, thats humitys problem.
this post was submitted on 21 Aug 2024
161 points (95.0% liked)
Technology
1163 readers
363 users here now
Which posts fit here?
Anything that is at least tangentially connected to the technology, social media platforms, informational technologies and tech policy.
Rules
1. English only
Title and associated content has to be in English.
2. Use original link
Post URL should be the original link to the article (even if paywalled) and archived copies left in the body. It allows avoiding duplicate posts when cross-posting.
3. Respectful communication
All communication has to be respectful of differing opinions, viewpoints, and experiences.
4. Inclusivity
Everyone is welcome here regardless of age, body size, visible or invisible disability, ethnicity, sex characteristics, gender identity and expression, education, socio-economic status, nationality, personal appearance, race, caste, color, religion, or sexual identity and orientation.
5. Ad hominem attacks
Any kind of personal attacks are expressly forbidden. If you can't argue your position without attacking a person's character, you already lost the argument.
6. Off-topic tangents
Stay on topic. Keep it relevant.
7. Instance rules may apply
If something is not covered by community rules, but are against lemmy.zip instance rules, they will be enforced.
Companion communities
!globalnews@lemmy.zip
!interestingshare@lemmy.zip
Icon attribution | Banner attribution
founded 9 months ago
MODERATORS
Who is humity?
It's like yin/yang except with corn. Humity/hominy.
No, this is Patrick.
Hey Patrick! [winks]
Immanity!
Please add this for real life precisions sake: If the bank is big enough, it's tax payers problem.
the ability for institutions like that to sell debt has always been wild to me. Like, can i sell my debt? Please?
It's not money they owe, but money owed to them; backed by some form of contract. Your credit card contract for example.
Person A owes person B money, let's say $100. Person B sells that debt to Person C for $80.
Person A still owes the same $100, just to a different person.
Person B gets paid now instead of waiting for Person A to pay up, but lost $20 on the deal.
Person C invested $80, hopefully gets paid the full $100, not having to chase down a delinquent debtor, and profits $20 out of the deal.
Nobody wants to be person C when it comes to the Debt Twitter owes.
If you had someone that owed you money (or anything else really), you could sell that debt, assuming you can find a buyer for it. Banks just do this on a much larger scale than $100 at a time.
Another example are collection agencies:
- Frenchie owes Artie $50,000, but he cannot collect.
- Tony pays Artie $6,000 to buy the debt.
- Then Tony visits Frenchie and he gets the $50,000 with a bit of gabagool
Free Cannoli
Yes you can sell your debt as a consumer. People do it all of the time.
However, the terminology is different.
We call it "taking out a loan".
Say you have a credit card debit and you take out a new card because it has a free credit transfer offer going on. You're selling your debt right there.
Another scenario is you have a loan and refinance it using a new loan.
Might be? This is the worst investment they ever made, and they know it, mostly because they've speaking publicly like this, because usually they bury the lead - to protect their other investments.
International financiers are really the worst.
I'm just loving watching it though.
they could foreclosure it and sell it for 1/3 what Elon paid to get their money back
That's assuming that anyone would pay even that much for the burnt-out husk of Twitter.