It’s extremely unfortunate the government/taxpayers/world are now backstopping bank losses. And I personally would need to sit down and ponder the moral issues handing in the keys now. I would still argue that under the original terms of the agreement, it is still a business decision.
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No matter how you slice it, buying a house in this country is never a ‘business transaction’. It is socialism pure and simple. I don’t have a problem with people taking advantage of the housing socialism that is available just as a welfare queen would take advantage of welfare so that she didn’t have to get a job.
What I object to is some FB characterizing his/her decision to default as some type of ‘business transaction’. Like they skillfully got the better end of some business deal or something. If you are defaulting on a home loan today, just admit that you are feeding at the government trough. That’s all I ask. Stop pretending like you are Steve Jobs or some kind of legitimate business person.
Government has been propping up housing prices for years. It finally got so ridiculous in the later years that any one with a pulse could get an interest-only loan without having to put any money down. It didn’t take any type of ‘business’ skill to get this deal. Any one could have taken advantage of this socialism and it took no business skill whatsoever.
So just admit that if you are defaulting today that you are basically equivalent to a welfare queen. You’re not Bill Gates or Steve Jobs. Maybe you could equate yourself to that scumbag Donald Trump who declared bankruptcy for about the third time just recently.
I guess what I’m saying is that U.S. banks are not capitalistic enterprises. They are backed by the state which means they are socialist, pinko, Marxist pseudo-corporations run by unscrupulous banksters who steal from taxpayers. Any transactions with them are inherently socialist and have nothing in common with authentic capitalistic business transactions.
