Posted on 12/01/2009 2:30:42 AM PST by suspects
After reading Sunday’s Herald, I’m thinking seriously about becoming a deadbeat. And you know what? I feel great about it!
That’s because I read in Sunday’s Herald how people who owe more on their homes than they are worth should just stop making their payments. Better still, we shouldn’t feel any guilt about it, or any sense that we’re “doing something morally wrong” either.
That’s according to liberal academic Brent White of the University of Arizona. (How liberal? He’s argued that patriotic activities like the Pledge of Allegiance don’t belong in public schools.)
In a new academic paper White says there are millions of upside-down homeowners who “should be walking away in droves.” They “have no reasonable prospect of recouping” what they owe on the house, and they’re only keeping their mortgage obligations because of an “emotional” sense of personal responsibility.
This is economically irrational, insists White, who advocates a “strategic” default on your mortgage. You should buy stuff on credit. Then tell your bank the bad news. This, White says, will let American borrowers abandon their mortgage obligations “with minimal disruptions to their lifestyles.”
And isn’t maintaining “our lifestyles” the top priority?
White isn’t alone. Bruce Marks, a Bay State housing activist and self-described “bank terrorist,” has complained that homeowners “can’t see past their sense of responsibility” when it comes to paying their bills. Marks believes that people who “need” houses have the right to move into an empty, bank-owned home and claim it as their own. Gotta maintain that lifestyle, right?
And now that you mention it, guys...
(Excerpt) Read more at bostonherald.com ...
If adults cannot be held to account for contracts they willingly enter into, then we have little basis for a civilization.
I wonder if those well-paid academics would be willing to loan me a little money...I’ll gladly repay them on Tuesday.
Well said, Michael.
Agreed... And worse, these people are ignoring the fact that mortgages are ways that investors in banks and other institutions are able to make money... When more and more people default, those investors lost their money, and those who underwrite new mortgages, loans, and lines of credit will be less likely to do so again. So when there's a "credit squeeze" that won't allow a company to be able to buy products in advance of their payment and have to close down, letting the employees go, these are the people to blame.
Actions have repercussions. And what they're doing is undermining the entire concept of personal property rights, which is, of course the basis of liberty. It's the road to communism, and becoming not only a ward of, but a slave to, the State.
Mark
Yep, best to "obtain" lots of arms and ammunition. I say obtain because buy is such an obsolete term...s/
What planet are these people from?
They are like fools tossing lit sticks of dynamite for thrills with no care of the destruction they cause around themselves. Just freakin dangerous.
I just met with my Priest at the Church to organize the baptism of my baby daughter and there was a lot of activity going on so I mentioned it and he told me he was organizing the security for tonight because they are having a music program celebrating the Luftwaffe.
I told him I know about that but why the security - and he told me directly that because of an opinion piece written in a Leftist newspaper, which was so venomous with accusations of the church letting these “murderers” in (which it is really nothing like that), that he was organizing security for tonight just to be safe.
And you know this is what the Left does. They create all kinds of destruction and then sit back and laugh about it.
Well, look at it this way. If enough debtors dump their mortgages, maybe the bankers won’t be able to afford to follow through on their plans of shooting the debtors. ;-)
Goldman Sachs Arms Itself
http://www.freerepublic.com/focus/f-news/2397463/posts
If Goldman is so on the level why are they arming themselves...guilty consciences?
If Goldman is so on the level why are they arming themselves...guilty consciences?
Yeah and I am not going to Pay my taxes anymore because I dont want to support Dead Beats Like The Obamas and Clintons and Carters and all their Moron supporters,its against My Moral Beliefs
If we don’t buy much, there won’t be much in revenues for the government. That’s the legal way to starve the beast, and I’m in favor of it.
I suppose these same people would also agree to having banks adding an excess appreciation clause to seize the homes of homeowners that have made too much on their homes or share in the profits from the sale. (;-)
If a student can’t afford or just chooses not to pay tuition well then they shouldn’t. These same students should then attend the classes and lectures anyway. It’s only fair.
I don’t think that the owners who walk away are breaking their contracts. They are just exercising their legal right to give the darn fool who lent them 100% LTV with no income verification the securing asset to which they are entitled.
I blame the lenders far more than the borrowers. Both were irresponsible, but one side is supposedly comprised of the wizards of smart.
If a student can’t afford or just chooses not to pay tuition well then they shouldn’t. These same students should then attend the classes and lectures anyway. It’s only fair.
I wrote about this insanity on my blog the other day:
http://www.istherealawyerinthechurch.com/?p=146
The breakdown of law and order is called corruption to people who believe in the rule of law and it is call progress to Marxists.
Never listen to a lib academic. Walking away from a mortgage does not absolve you of paying. They can just garnish your wages now.
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