Americans are in more debt than ever before, and the banks are going to new extremes to squeeze us for every last penny: If you can't pay up, they'll try to get you locked up.
The Wall Street Journal has been investigating the disturbing resurgence of debtors' prisons throughout America -- here's one especially infuriating example of what the banks are up to: AIG got a $122.8 billion bailout from taxpayers -- that's $4,000 per American. Jeffrey Stearns happened to owe AIG $4,000 on a loan for his pickup truck. How'd the mega-corporation handle his debt? Did they forgive him because of the public's recent largess? No way: They had him arrested in front of his family.
Here's more on Stearns:
After being handcuffed in front of his four children, Mr. Stearns, 29 years old, spent two nights in jail, where he said he was strip-searched and sprayed for lice. "I didn't even know I was being sued....It's the scariest thing that ever happened to me."
The Wall Street Journal's data reveals that across the country, banks are having tens of thousands of Americans arrested over their debts. What happened to Stearns could happen to almost anybody.
Some state legislators are moving to outlaw the practice. Will you urge your lawmakers to join them?
3 comments:
For all the those people lost there house,jobs,retirement and savings and cannot pay anything.Then everyone one of those people should go to jail.I know 75,000 people got laid off in the silicon valley area and lost everything.What about those 75,000 should go to jail because its no fault of there own.what about the banks went under all those employees should go to jail for losing there job and have no income to pay there bills.Let the murders and rapist walk the street and the people who cannot pay there bills go to jail.Maybe rapist and murders who roam the street can make a difference in the society that america built and destoryed.I guess that is what this country is basised up.We need more criminals on the street and more people not paying there bills in jail.Hail to the new america dead beats go to jail. Criminals get a free pass at everything.....
Obviosly, the bank knows that it doesn't really want to collect from someone they put in jail, since afterwards, they aren't go back to jail WHEN THEY DON'T PAY.
It would depend on the circumstances and a case-by-case situation. I have a former landlord who STOLE my security deposit, who I would LOVE to send their asses to jail!! Coming from a Creditors point of view, I really dont care how broke you are, or how much money you THINK you dont have, you do what ever you can to pay off your debts! And if you cant, you call up the Creditor and work things out! Otherwise, we're coming after you!!
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