Much of the securitization took the form of collateralized debt obligations (CDOs) with senior credit tranches certified by rating agencies as AAA. It was the failure to properly price such risky assets that characterized the crisis.
[United States Senate Committee on Finance] Staff views it as inappropriate for a hospital to seek payment from a patient by sending a bill, (and) when payment is not received, to seek to recharacterize that debt as charity care. In addition, staff has found that the decision by some hospitals to include bad debt which often consists of very high charges from the (chargemaster list) provides a misleading and inflated accounting of a hospital 's charity care to policymakers and the public.United States Senate Committee on Finance staff, cited in: Naples Daily News staff (September 23, 2007). "Nonprofits hope IRS more responsive to them". Naples Daily News (Florida).
Meanwhile, the U.S. debt remains, as it has been since 1790, a war debt; the United States continues to spend more on its military than do all other nations on earth put together, and military expenditures are not only the basis of the government's industrial policy; they also take up such a huge proportion of the budget that by many estimations, were it not for them, the United States would not run a deficit at all.David Graeber, Debt: The First 5000 Years (2011), p. 365.
"Now, Halford, I bid you adieu for the present. This is the first instalment of my debt. If the coin suits you, tell me so, and I'll send you the rest of my leisure: if you would rather remain my creditor than stuff your purse with such ungainly heavy pieces — tell me still, and I'll pardon your bad taste, and willingly keep the treasure to myself."anne brontë
Life to each individual is a scene of continued feasting in a region of plenty; and when unexpected death arrests its course, it repays with small interest the large debt which it has contracted to the common fund of animal nutrition, from whence the materials of its body have been derived. Thus the great drama of universal life is perpetually sustained; and though the individual actors undergo continual change, the same parts are filled by another and another generation; renewing the face of the earth and the bosom of the deep with endless successions of life and happiness.william buckland
So the Bush-Obama administration has taken a fiscal stance diametrically opposed to that of the patron saint of free enterprise. While escalating war in Afghanistan and maintaining over 850 military bases around the world, the administration has run up the national debt that Smith decried. By shifting the tax burden off property and off rent-seeking monopolies – above all, off the financial sector – this policy has raised America’s cost of living and doing business, thereby undercutting its competitive power and running up larger and larger foreign debt.michael hudson
First in point of time and interest comes the mortgage debt, i.e. the claim for the return of money lent on the security of some tangible object. Such claims are among the earliest fruits of a commercial civilization, and are nearly always affected the same way, viz. by the deposit or pledge of the security with the creditor, to be redeemed or returned on the payment of the debt.edward jenks
The fact that previous generations have handed down to us a substantial public heritage by way of roads, port, etc. almost completely free of debt, seems to me to impose some limitation on the validity of the theory that by borrowing we should, or could, pass on the burden of development to the next generation.john james cowperthwaite
The Treasury plan is a disgrace: a bailout of reckless bankers, lenders and investors that provides little direct debt relief to borrowers and financially stressed households and that will come at a very high cost to the US taxpayer. And the plan does nothing to resolve the severe stress in money markets and interbank markets that are now close to a systemic meltdown.nouriel roubini
The economic success of the Reagan Administration was largely dependent upon the pyramiding of massive debt and the siphoning of capital from the rest of the world.Chapter Nine, transformation Of The Global Economy, p. 362
When Hume and Adam Smith prophesied that a little increase of national debt beyond the then amount of it, would probably occasion bankruptcy; the main cause of their error was the natural one, of not being able to see the vast increase of productive power to which the nation would subsequently obtain.Book II, Chapter I, On The Progress of Wealth, Section X, p. 422
Now a promise made is a debt unpaid, and the trail has its own stern code.Robert W. Service, The Cremation of Sam McGee, l. 33 (1907).
Our national debt after all is an internal debt owed not only by the Nation but to the Nation. If our children have to pay interest on it they will pay that interest to themselves. A reasonable internal debt will not impoverish our children or put the Nation into bankruptcy.Franklin D. Roosevelt, Address to the American Retail Federation, Washington, D.C. (May 22, 1939); reported in The Public Papers and Addresses of Franklin D. Roosevelt, 1939 (1941), p. 351.
Today we have access to highly advanced technologies. But our social and economic system has not kept up with our technological capabilities that could easily create a world of abundance, free of servitude and debt. This could be accomplished, if we implement a resource-based economy.Jacque Fresco, Roxanne Meadows in:Viable Utopian Ideas: Shaping a Better World, M.E. Sharpe, 7 February 2003, p.198
The power of discretionary disqualification by one law of Parliament, and the necessity of paying every debt of the Civil List by another law of Parliament, if suffered to pass unnoticed, must establish such a fund of rewards and terrors as will make Parliament the best appendage and support of arbitrary power that ever was invented by the wit of man.Edmund Burke
Alternate translation: The spirit in which a thing is given determines that in which the debt is acknowledged; it's the intention, not the face-value of the gift, that's weighed. (translator unknown).Letter LXXXI: On benefits, line 22 (Epistulae Morales ad Lucilium (Moral Letters to Lucilius))