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Stupidity as a Defense


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2007 Feb 15, 12:20am   16,336 views  236 comments

by Patrick   ➕follow (58)   💰tip   ignore  

stupid bird

With millions now wishing they had not borrowed so much on such awful terms, can they use stupidity as a defense? If you are found to have been mentally incompetent at the time you signed a loan, you may be able to evade responsibility for it. Certainly you cannot make binding contracts with people who do not understand what they are signing.

Now the question is, what happens to the loan if you are declared a moron by a court of law?

Patrick

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224   astrid   2007 Feb 17, 12:00pm  

Brand,

I'm working on a new thread "The Internal Revenue Code Made Me Do It!"

Meanwhile, feel free to argue about the virtues of thick crust pizzas versus thin crust pizzas. (Double points for anyone who can convincing add Erlend Oye into a discussion about pizza crusts).

225   astrid   2007 Feb 17, 12:18pm  

-convincing
+convincingly

226   ozajh   2007 Feb 17, 12:21pm  

FAB,

My previous post about GS bonuses was a paraphrase of something I read. I am quite willing to stand corrected about the meaning of structured finance, but I don't see how a CDO team leader could be considered worthy of a bonus in the tens of millions.

But then, I don't work in IB.

227   Different Sean   2007 Feb 17, 12:29pm  

asking Satan to elaborate on the usefulness of selling him your eternal soul–the brochure looks fantastic, but the eventual facts are somewhat vapid and searingly painful.

sounds like our ERP provider...

228   Different Sean   2007 Feb 17, 12:33pm  

DS attacks FAB for hypocritical “high point” selection, and then mounts his attack with anecdotal high points himself.

yeah, right. high points like the average of dozens of companies... maybe GDP is just an anecdotal figure too... gets republicans off the hook tho -- "OK, so the average has gone up 100% for all the Fortune 500 cos, but that's just anecdotal! - it's cherry-picking! now leave me alone to redeem my stock options..."

229   Randy H   2007 Feb 17, 12:44pm  

Oh, I do love it. For once, I'm not the one arguing with either of them. I will say that while FAB seems to like to stylize his examples to prove his arguments, DS refused to agree with me that Pi = Pi everywhere in the universe; claiming it was all some grand subjective narrative.

Personally, I like thick crust pizza.

230   Different Sean   2007 Feb 17, 1:00pm  

pi only equals pi in non-Euclidean space... in fact, pi doesn't even exist except in our hearts and minds, it's a man-made convention to describe a ratio :P

231   Randy H   2007 Feb 17, 1:02pm  

I had blueberry pi for my birthday earlier this month. :)

232   Different Sean   2007 Feb 17, 1:06pm  

- non

233   Bruce   2007 Feb 17, 7:00pm  

FAB,

I'll grant you that calling our domestic tax structure progressive is something of a misnomer. I think it may have progressive elements, but overall the code has become barnacled over in the process of making, say, unique objects of art deductible and in the granting of other favors both worthy and not.

I'm not one of those who believe a flat tax based code would necessarily be simple; for me it's a question of equality before the law, and not a bid for simplicity.

As to the stupid or lazy, I've noticed references in early 20th century English works to the 'deserving poor' - used in the sense of 'deserving assistance' - which seems to me a useful distinction. As it implies an alternate category of the undeserving, I presume that dog won't hunt in the here and now.

234   Jimbo   2007 Feb 18, 1:23pm  

Wrong FAB:

http://sfbay.craigslist.org/search/apa/pen/74?bedrooms=3

Only one of those are under $2k and it is an apartment.

There nothing wrong with being wrong, but you should not be too stubborn to admit it.

235   Jimbo   2007 Feb 19, 4:19am  

Shoot, missed the flat tax discussion, when I was at my brother's "tamale party weekend."

Next time, I guess.

236   Different Sean   2007 Feb 21, 8:47pm  

Different Sean Says:
Different Sean

No he didn't, is this some kind of attempt at an AI spambot?

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