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That's a great point. It was educational to read an article from one of those high-brow economics or policy journals after the housing crisis warning about regu
by rdtsc 10y ago
That's a great point. It was educational to read an article from one of those high-brow economics or policy journals after the housing crisis warning about regular citizens noticing that banks and other institutions are happily using bankruptcy as a strategic option. The fear was that people with underwater properties will stop feeling guilty about bankruptcies and will walk away from their mortgages. Basically making the same calculated business decision that bankers make. Paraphrased the message was "careful, or the plebeians will start doing what we are doing"
- themartorana 10y agoGuilt is the fuel for the machine. Without it, we might be so much happier as an economy, and no one wants that. https://www.scribd.com/mobile/doc/202207935/Alan-Watts-Money-Guilt-and-the-Machine https://www.scribd.com/mobile/doc/202207935/Alan-Watts-Money...
- nradov 10y agoThat's an entirely separate issue. Exercising your contractual right to default on a mortgage is not corruption or cheating. It's all out in the open and recorded in public records.
- rdtsc 10y ago> Exercising your contractual right to default on a mortgage is not corruption or cheating But most American believe it wrong and there is a mixup between what is wrong and what is legal. Keeping it that way is a very profitable thing for financial institutions. GP post brought banks as an example of corruption. And many would agree. However it can still be legal. At that level, those player are basically writing their own laws and regulations.