Proper Guarantees

By BILL NEVILLS | Highlands Today
Published: December 09, 2008

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As a young man buying my first car, a Chevy, my parents had to co-sign for me to guarantee payment of my loan to the finance company.
Many years later, this car company wants me to loan them money, telling me they will pay me back.
Now, Congress is handling this action for me, and I want a guarantee of re-payment.
If all the individuals in Congress will personally co-sign for the auto companies that I will get my money back, then what do I have to lose?
However, if there is a default in payment and my loan comes due, then each member of Congress, as co-signers of my note, must personally contribute monies to the repayment of the said loan.
If Congress is guaranteeing this loan with its own money, then it must be confident of the companies' ability to repay. Now you may give them a loan from me.
Bill Nevills
Lake Placid