1. If a law is made that says that anyone whose blog handle is Russell, formerly Rustico, can take all the cash he sees, does that mean you would do it?
2. We are, collectively, responsible for the laws. Our lawmakers answer to us. We may be in a permanent minority, or disagree with the laws sometimes, but it’s our society and our laws. If we make laws that lead to unfair or bad results, we have a collective responsibility for the outcomes, and a personal responsibility to wake up and do what we can to change those laws.
3. Lenders have lots of responsibility in this, but if a law is passed that prevents any loan from being recourse, then it pushes lenders into doing things that are dangerous and likely to lead to losses. Theoretically, lenders can simply close up shop if they disagree with non-recourse loans, but we all know that most won’t, even if it’s the right thing. You can push people, and even banks, into doing thing they wouldn’t otherwise do. If you do push, you are also responsible.
