loan thing slightly wrong.... I get the idea behind it.... The student debt and foreclosure debts are swallowing families whole, however, student loans cannot be excused from payment if a person does have to declare bankruptcy; they can't even be modified.
If the "son" went bankrupt on the rest of his life, then he would still be forced to pay his student loans... The bank that owns the debt could have money withdrawn from his pay check (if he has a job), and any "tax rebates" could be held from going back to him after he filed his taxes to pay down the debt, and I believe that if there were any co-signers, say a parent or grandparent, they could also extract the payments from other family members (even taking an elderly persons social security check that is barely "living" for many Seniors).
I love the OWS Jubilee idea. However, the govt could have done this and should have done this themselves in the first place. They should have taken over the "too big to fail" lending banks and we as a country could take over the responsibility of dealing with the massive debts and defaults in a more pragmatic manner... As in, reducing principals on the home loans, forgiving student loan debts (i.e. take away the interest that's sitting on the loans and allow the students to pay off just the amt borrowed and for the most part, anyone with loans over 10 yrs old would have paid huge sums and by the time their loan is "pd off", they will have paid for the inititial borrowed amount 2 or 3 times over), and the govt owning homes and land and condos, etc would have a massive amt of housing to help families in poverty live in subsidized housing, put homeless people into homes, and keep communities from becoming destroyed.
And yes, the wealthy should pay their fair share, large multi-national, global conglomerate need to be broken up, or at the very least, have prudent regulations thrust upon them so that they pay their taxes and are held responsible for moving jobs and factories overseas (as
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