Ethical considerations (none) for defaulting on non-recourse loan.

[analyst]

It appears that the most important thought is not getting through to some.

When you look at a situation and observe ten categories of participants, who have all done wrong, you should not spend your time and mental energy addressing the actions of the minor players. Without the wrong-doing of the financial institutions and the inaction (some would say collusion) of the government and appointed regulators, dishonest borrowers would have zero impact on your life and finances.

The time and mental energy spent addressing the sins of the little players would be better spent addressing the sins of the big players, who were and are taking every opportunity to defraud investors and/or loot the U. S. Treasury, effectively stealing from you and I, the taxpayers. That is the undeserved gain to focus on, not the fact that some upside-down borrowers are failing to repay their loans, or benefitting from a free-rent situation.

Worry less about the borrowers, and more about the big picture. If the primary perpetrators are not reined in, they will continue causing further great harm.

[CA renter]

Absolutely true, analyst.

Again, good posts.

[CA renter]

Absolutely true, analyst.

Again, good posts.

[CA renter]

Absolutely true, analyst.

Again, good posts.

[CA renter]

Absolutely true, analyst.

Again, good posts.

[CA renter]

Absolutely true, analyst.

Again, good posts.

[patientrenter]

analyst, when I read your argument, what I see is, to paraphrase: “Those people over there guarding the gold at Fort Leavenworth left the door open. Other people are stealing the gold. Let’s blame the people who left the door open, and not assign any blame or responsibility on the people who stole the gold. Hell, they hardly even stole it, because whenever you see a door open, everything inside is yours for the taking.”

I’m sure it’s not how you see it. But it sure is very convenient to pretend that only the guardians of the gate are responsible, and those who take advantage of the unguarded gate are blameless.

By the way, TG, I think your writing style, and even just your style of arguing and dealing with others, is remarkable. I hope you’re being paid a lot for what you do at work. I know a lot of people in the industry I work in who appear less capable, and who are making over $500K/yr, or even over $1 mill/yr.

[patientrenter]

analyst, when I read your argument, what I see is, to paraphrase: “Those people over there guarding the gold at Fort Leavenworth left the door open. Other people are stealing the gold. Let’s blame the people who left the door open, and not assign any blame or responsibility on the people who stole the gold. Hell, they hardly even stole it, because whenever you see a door open, everything inside is yours for the taking.”

I’m sure it’s not how you see it. But it sure is very convenient to pretend that only the guardians of the gate are responsible, and those who take advantage of the unguarded gate are blameless.

By the way, TG, I think your writing style, and even just your style of arguing and dealing with others, is remarkable. I hope you’re being paid a lot for what you do at work. I know a lot of people in the industry I work in who appear less capable, and who are making over $500K/yr, or even over $1 mill/yr.

[patientrenter]

analyst, when I read your argument, what I see is, to paraphrase: “Those people over there guarding the gold at Fort Leavenworth left the door open. Other people are stealing the gold. Let’s blame the people who left the door open, and not assign any blame or responsibility on the people who stole the gold. Hell, they hardly even stole it, because whenever you see a door open, everything inside is yours for the taking.”

I’m sure it’s not how you see it. But it sure is very convenient to pretend that only the guardians of the gate are responsible, and those who take advantage of the unguarded gate are blameless.

By the way, TG, I think your writing style, and even just your style of arguing and dealing with others, is remarkable. I hope you’re being paid a lot for what you do at work. I know a lot of people in the industry I work in who appear less capable, and who are making over $500K/yr, or even over $1 mill/yr.

[patientrenter]

analyst, when I read your argument, what I see is, to paraphrase: “Those people over there guarding the gold at Fort Leavenworth left the door open. Other people are stealing the gold. Let’s blame the people who left the door open, and not assign any blame or responsibility on the people who stole the gold. Hell, they hardly even stole it, because whenever you see a door open, everything inside is yours for the taking.”

I’m sure it’s not how you see it. But it sure is very convenient to pretend that only the guardians of the gate are responsible, and those who take advantage of the unguarded gate are blameless.

By the way, TG, I think your writing style, and even just your style of arguing and dealing with others, is remarkable. I hope you’re being paid a lot for what you do at work. I know a lot of people in the industry I work in who appear less capable, and who are making over $500K/yr, or even over $1 mill/yr.

[patientrenter]

analyst, when I read your argument, what I see is, to paraphrase: “Those people over there guarding the gold at Fort Leavenworth left the door open. Other people are stealing the gold. Let’s blame the people who left the door open, and not assign any blame or responsibility on the people who stole the gold. Hell, they hardly even stole it, because whenever you see a door open, everything inside is yours for the taking.”

I’m sure it’s not how you see it. But it sure is very convenient to pretend that only the guardians of the gate are responsible, and those who take advantage of the unguarded gate are blameless.

By the way, TG, I think your writing style, and even just your style of arguing and dealing with others, is remarkable. I hope you’re being paid a lot for what you do at work. I know a lot of people in the industry I work in who appear less capable, and who are making over $500K/yr, or even over $1 mill/yr.

[jonnycsd]

Kev374 wrote:

IF taxpayers were not involved in any way and the system was 100% freemarket, i.e. banks would take losses and shut down then I see absolutely no problem with walking away…it is between the borrower and the bank.

But because of the bailouts this is affecting everyone now so yes it is unethical.

So what you are saying is that the government is spending your money unethically? Thats an argument I can understand – even though the Govt, misguided as it may be, is just clumsily trying to choose the lesser of two evils.

[jonnycsd]

Kev374 wrote:

IF taxpayers were not involved in any way and the system was 100% freemarket, i.e. banks would take losses and shut down then I see absolutely no problem with walking away…it is between the borrower and the bank.

But because of the bailouts this is affecting everyone now so yes it is unethical.

So what you are saying is that the government is spending your money unethically? Thats an argument I can understand – even though the Govt, misguided as it may be, is just clumsily trying to choose the lesser of two evils.

[jonnycsd]

Kev374 wrote:

IF taxpayers were not involved in any way and the system was 100% freemarket, i.e. banks would take losses and shut down then I see absolutely no problem with walking away…it is between the borrower and the bank.

But because of the bailouts this is affecting everyone now so yes it is unethical.

So what you are saying is that the government is spending your money unethically? Thats an argument I can understand – even though the Govt, misguided as it may be, is just clumsily trying to choose the lesser of two evils.

[jonnycsd]

Kev374 wrote:

IF taxpayers were not involved in any way and the system was 100% freemarket, i.e. banks would take losses and shut down then I see absolutely no problem with walking away…it is between the borrower and the bank.

But because of the bailouts this is affecting everyone now so yes it is unethical.

So what you are saying is that the government is spending your money unethically? Thats an argument I can understand – even though the Govt, misguided as it may be, is just clumsily trying to choose the lesser of two evils.

[Author]

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