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Debt is a trap, especially student debt, which is enormous, far larger than credit card debt. It's a trap for the rest of your life because the laws are designed so that you can't get out of it. If a business, say, gets in too much debt, it can declare bankruptcy, but individuals can almost never be relieved of student debt through bankruptcy.
The story of Detroit's bankruptcy was simple enough: Allow capitalism to grow the city, campaign against income inequality, tax the job creators until they flee, increase government spending in order to boost employment, promise generous pension plans to keep people voting for failure. Rinse, wash and repeat.
Disappointment is a sort of bankruptcy - the bankruptcy of a soul that expends too much in hope and expectation.
Socialism is the gradual and less violent form of communism, and socialist is the project of the European Union, which was born in Maastricht in 1992. The intent was to save socialism in Europe after the fall of the Berlin Wall and the predictable bankruptcy of the welfare state in the West as well.
An expenditure of words without income of ideas will lead to intellectual bankruptcy.
His lack of education is more than compensated for by his keenly developed moral bankruptcy.
Even if the government spends itself into bankruptcy and the economy still does not recover, Keynesians can always say that it would have worked if only the government had spent more.
Capitalism without bankruptcy is like Christianity without hell.
They said it was impossible to touch the third rail of politics, to take on public-sector unions and to reform a pension and health benefits system that was headed to bankruptcy. But with bipartisan leadership, we saved taxpayers $132 billion dollars over 30 years and saved retirees their pensions. We did it.
A normal way that the American free market system has worked is that we have a process of unwinding. It's called bankruptcy. It doesn't mean, necessarily, that the industry is eclipsed or that it's gone. Often times, the phoenix rises out of the ashes.
High bankruptcy rates, increased credit card debt, and identity theft make it imperative that all of us take an active role in providing financial and economic education during all stages of one's life.
The moral and constitutional obligations of our representatives in Washington are to protect our liberty, not coddle the world, precipitating no-win wars, while bringing bankruptcy and economic turmoil to our people.
Bankruptcy represents a longstanding commitment in this country to helping people get a fresh start. This principle has never been giving only certain people a fresh start.
It is said that the world is in a state of bankruptcy, that the world owes the world more than the world can pay.
Ralph Waldo Emerson
Even if you were to fall into extreme financial hardship and file for bankruptcy, you need to understand that your student loan debt will not be discharged in bankruptcy. It is the Velcro of all debts.
A bankruptcy judge can fix your balance sheet, but he cannot fix your company.
George W. Bush was a silver spoon dolt with no record to speak of other than bankruptcy and selling tropical plants, and we let him sail into the White House, but Barack talks about religious fundamentalism and guns being prevalent in poor areas, and we roast him for weeks?
As I think through the issue of funding the rebuilding of Iraq, I think about the analogy of a bankruptcy proceeding. There is no doubt that Iraq as a country is bankrupt.
When I became CEO of Xerox 10 years ago, the company's situation was dire. Debt was mounting, the stock sinking and bankers were calling. People urged me to declare bankruptcy, but I felt personally responsible for tens of thousands of employees.
Anne M. Mulcahy
You never cash out a 401(k) or IRA to pay off debt, unless it's to avoid a foreclosure or bankruptcy.
In 1958, my father invested everything he had in a business venture and became the largest automobile dealership in Chicago for Ford's new Edsel line. But Edsel sales plummeted and my father fell into bankruptcy. I watched him struggle; working long hours to protect us from poverty.
The necessity of every one paying in his own labor for what he consumes, affords the only legitimate and effectual check to excessive luxury, which has so often ruined individuals, states and empires; and which has now brought almost universal bankruptcy upon us.
There's only one thing you can do in bankruptcy: break your word, break your deals. It allows you to say to the small businesses, who have been catering lunches for you, 'Sorry, we're not paying you.' It allows you to go to the workers and say, 'Sorry, we're not paying you.'
Bipartisanship has taken us to the brink of bankruptcy. We don't need bipartisanship, we need application of principle... Where was the call for bipartisanship during the Obamacare debate? Not a single Republican voted for it. It wasn't about bipartisanship, it was about having the votes to dictate your will.
A very difficult year is ahead of us. We must continue our efforts with decisiveness, to stay in the euro, to make sure we do not waste the sacrifices and do not turn the crisis into an uncontrolled and disastrous bankruptcy.
John F. Kennedy
Martin Luther King, Jr.
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