Just imagine if individuals were allowed to play under the same financial rules as the big guys

[Phoebe Loosinhouse]

Imagine if individuals were allowed to purchase bankruptcy insurance on themselves. But don't call it "insurance", 'cos then it would have to be regulated and you would have to have reserves to pay off claims and stuff - call it "personal credit default swaps". If dreary people ask you to explain how it's possible to purchase insurance against failure and how it might make you act irresponsibly if you knew that you had no hazard for your bad behavior, frown and tell them it's very complex.

Say your net worth was 500K but if you go bankrupt you will be paid 3 Million. That would be great, wouldn't it? Think of all the fun you would have going bankrupt and then to be rewarded on top of it would be the cat's meow. Is there something wrong with that as a business model? Hope not, that seems to be our "uniquely American" financial system of rewarding miscreants instead of fining and imprisoning them.

Personal Credit Default Swaps for the Little Guys! It's a sure winner for any candidate. And don't worry about everyone earning money on failure - we'll just PRINT MORE MONEY!! What's not to love?

[WonderGrunion]

1. Start "Personal Corporatage"

Didn't Al Franken have a skit about that on SNL back in the '80s?

[yellerpup]

2. You should be Geitner's right hand.

I like your plan! :kick:

[Phoebe Loosinhouse]

5. Thank you. I am submitting a draft of my proposal to the Treasury Department

as well as various committees in both the House and the Senate. I am thinking they can tack my little idea onto some commerce bill increasing the acceptable amounts of melamine in baby food or something.

[yellerpup]

7. Thanks for that!

You are presenting an idea for real CHANGE.

[Greyhound]

3. I'll vote for that.K&R

[AndyA]

4. But will those personal credit default swaps have a public option available?

:shrug: :rofl:

[MindPilot]

6. Print more money...

I could buy some paper and ink and while I watch TV, my little HP Deskjet cranks out the Benjamins. It doesn't have to be backed by anything other than my need for it...just like the fed.

[Karmadillo]

8. Too small to fail. Sounds good to me.

nt

[Nye Bevan]

9. Borrow huge amounts of money. Eat out every night. Gain 300 pounds.

Then go to Vegas. Borrow more money. Have a week-long gambling and binging orgy with the borrowed money. If I win, *great*. I'm set for life. And if I lose? Just have the Government take over my debts and give me more money to do it all over again, because at 510 pounds I would be way too big to be allowed to fail.

[Phoebe Loosinhouse]

10. You're right, I completely overlooked the potential future bailout

plus the fact that it would provide the funds needed for bonusing myself for my incredible financial acumen in gaming the system and fleecing the government simultaneously. My talents are obviously wasted here in the hinterlands of Virginia - this is a whole new market for AIG and others to open up in their "I Can't Believe It's Not Insurance" ruse.

[Phoebe Loosinhouse]

11. Slightly off-topic, but perhaps not

When I was in high school in the 70's, I had a friend whose father "incorporated" their family- "The Doe Family Inc." (not their real name) was an enterprise devoted to the promotion and advancement of the Doe family (not their real name) through real estate and other endeavors.

I was only a teenager, but it certainly smelled like "scam" to me. Apparently the father had gone to some financial seminars that promoted this stuff.

But, now I am wondering - if corporations have achieved "personhood", can persons/families achieve "corporatehood"?

Are not our little family enclaves actually joint financial ventures? Why shouldn't we be able to avail ourselves of all the perks available in the corporate world? I'll take out a credit default swap on you if you will take one out on me. PM me to work out all the tedious details. We can meet in a local coffee shop for a personal one on one. I'll be carrying a mylar balloon. You say "Goldman" and I'll respond "Sachs".