[Errant]

there is little of tangible value that is actually lost.

What's not true about that? And loans are forgiven - no?

[Toddsterpatriot]

there is little of tangible value that is actually lost.

What's not true about that?

All of it. You deposit $1000 into a bank. They loan $900 to me. I default. Was anything of tangible value lost?

Tell me when you go to withdraw your $1000 and they only give you back $100. LOL!