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July 18, 2009 at 1:09 PM in reply to: Ethical considerations (none) for defaulting on non-recourse loan. #433489jonnycsdParticipant
[quote=threadkiller]A lot of verbage,but the main point of most posters is that just because it’s legal does not make it right. I can go out and legally cheat on my wife, but that doesn’t make it ethical.[/quote]
EVERY lender knew the rules going into this game, giving the home back is not like cheating on your wife. Lenders were ready to get in bed with anyone just to juice up thier fees.
What’s unethical is telling your wife that you want to be a swinger, then calling her a whore after she takes you up on the offer.
July 18, 2009 at 1:09 PM in reply to: Ethical considerations (none) for defaulting on non-recourse loan. #433690jonnycsdParticipant[quote=threadkiller]A lot of verbage,but the main point of most posters is that just because it’s legal does not make it right. I can go out and legally cheat on my wife, but that doesn’t make it ethical.[/quote]
EVERY lender knew the rules going into this game, giving the home back is not like cheating on your wife. Lenders were ready to get in bed with anyone just to juice up thier fees.
What’s unethical is telling your wife that you want to be a swinger, then calling her a whore after she takes you up on the offer.
July 18, 2009 at 1:09 PM in reply to: Ethical considerations (none) for defaulting on non-recourse loan. #434001jonnycsdParticipant[quote=threadkiller]A lot of verbage,but the main point of most posters is that just because it’s legal does not make it right. I can go out and legally cheat on my wife, but that doesn’t make it ethical.[/quote]
EVERY lender knew the rules going into this game, giving the home back is not like cheating on your wife. Lenders were ready to get in bed with anyone just to juice up thier fees.
What’s unethical is telling your wife that you want to be a swinger, then calling her a whore after she takes you up on the offer.
July 18, 2009 at 1:09 PM in reply to: Ethical considerations (none) for defaulting on non-recourse loan. #434071jonnycsdParticipant[quote=threadkiller]A lot of verbage,but the main point of most posters is that just because it’s legal does not make it right. I can go out and legally cheat on my wife, but that doesn’t make it ethical.[/quote]
EVERY lender knew the rules going into this game, giving the home back is not like cheating on your wife. Lenders were ready to get in bed with anyone just to juice up thier fees.
What’s unethical is telling your wife that you want to be a swinger, then calling her a whore after she takes you up on the offer.
July 18, 2009 at 1:09 PM in reply to: Ethical considerations (none) for defaulting on non-recourse loan. #434236jonnycsdParticipant[quote=threadkiller]A lot of verbage,but the main point of most posters is that just because it’s legal does not make it right. I can go out and legally cheat on my wife, but that doesn’t make it ethical.[/quote]
EVERY lender knew the rules going into this game, giving the home back is not like cheating on your wife. Lenders were ready to get in bed with anyone just to juice up thier fees.
What’s unethical is telling your wife that you want to be a swinger, then calling her a whore after she takes you up on the offer.
July 18, 2009 at 1:04 PM in reply to: Ethical considerations (none) for defaulting on non-recourse loan. #433483jonnycsdParticipantKev374 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.
July 18, 2009 at 1:04 PM in reply to: Ethical considerations (none) for defaulting on non-recourse loan. #433686jonnycsdParticipantKev374 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.
July 18, 2009 at 1:04 PM in reply to: Ethical considerations (none) for defaulting on non-recourse loan. #433996jonnycsdParticipantKev374 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.
July 18, 2009 at 1:04 PM in reply to: Ethical considerations (none) for defaulting on non-recourse loan. #434067jonnycsdParticipantKev374 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.
July 18, 2009 at 1:04 PM in reply to: Ethical considerations (none) for defaulting on non-recourse loan. #434231jonnycsdParticipantKev374 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.
jonnycsdParticipantbsrsharma wrote:
. . . may eventually lead to CA becoming a two tier society like Brazil: the gated communities with self contained municipal services and the left behind who have to some how survive without a functioning state
IMHO the entire USA is quietly but steadily moving towards a Brazilian socio-economic model. Like frogs in a pot of water on the stove top, by the time people realize what is happening it will be too late. The middle class will be gone, corruption rampant and clientelismo politics will be the accepted order. And yes, there will be gated communities and a massive underclass.
jonnycsdParticipantbsrsharma wrote:
. . . may eventually lead to CA becoming a two tier society like Brazil: the gated communities with self contained municipal services and the left behind who have to some how survive without a functioning state
IMHO the entire USA is quietly but steadily moving towards a Brazilian socio-economic model. Like frogs in a pot of water on the stove top, by the time people realize what is happening it will be too late. The middle class will be gone, corruption rampant and clientelismo politics will be the accepted order. And yes, there will be gated communities and a massive underclass.
jonnycsdParticipantbsrsharma wrote:
. . . may eventually lead to CA becoming a two tier society like Brazil: the gated communities with self contained municipal services and the left behind who have to some how survive without a functioning state
IMHO the entire USA is quietly but steadily moving towards a Brazilian socio-economic model. Like frogs in a pot of water on the stove top, by the time people realize what is happening it will be too late. The middle class will be gone, corruption rampant and clientelismo politics will be the accepted order. And yes, there will be gated communities and a massive underclass.
jonnycsdParticipantbsrsharma wrote:
. . . may eventually lead to CA becoming a two tier society like Brazil: the gated communities with self contained municipal services and the left behind who have to some how survive without a functioning state
IMHO the entire USA is quietly but steadily moving towards a Brazilian socio-economic model. Like frogs in a pot of water on the stove top, by the time people realize what is happening it will be too late. The middle class will be gone, corruption rampant and clientelismo politics will be the accepted order. And yes, there will be gated communities and a massive underclass.
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