Walking Away

May 11, 2010

Last Sunday evening "60 Minutes" aired a segment about people walking away from their houses when their mortgage debt was greater than the value of the house.  Much of the focus of the show dealt with the morality of not paying ones debts and the subjects, although they felt bad about losing their houses, seemed not to believe they were doing anything wrong.

A few months ago our Supreme Court basically said that corporations have the same rights as people in terms of free speech and the right to donate money to influence political campaigns.  I see a relationship here between the folks who are walking away from their mortgage debt and this court decision.  These people are acting like corporations who walk away from a debt when to continue paying would not be a wise business decision.

And why not?  If corporations have similar, and sometimes greater, rights than people why shouldn’t people make decisions in the same way as corporations do?  After all it’s nothing personal; it’s just a business decision.

Posted May 11, 2010

2 Comments

more and more, every day and in every way, our entire society shifts from “do unto others…” to “screw unto others…” Makes me glad there is no eternal life

I agree.

While I blame the banks far more than most of the individuals who made (admittedly wrong and dumb) bad decisions, I still think it is a shame that they’re losing a sense of moral obligation about a home mortgage. Which they are.

And as you point out, it’s pretty understandable; after all, that’s precisely what companies are doing.

You can’t have it both ways; if companies are going to be wolves, people are going to stop being sheep.

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