It seems the banks have gotten themselves into a real mess this time.. Consumer trust has been utterly destroyed by the misdeeds of our financial institutions but they want to cry moral values to us when it comes to paying debt..
Maybe we should cry moral values to them when it comes to throwing our kids and grand kids out on the street to fend for themselves due to foreclosure?
Here's the basic argument..
Some ethicists have questioned the morality of strategic default, arguing that one has a duty to make payments on debt if one is able. Others argue that there is no such moral duty, a loan being a contract between consenting adults, and noting that financial investors routinely default on non-recourse loans that have negative equity. Some argue further that there is a moral duty to strategically default, and that one should make such decisions based on one's financial interest "unclouded by unnecessary guilt or shame", as lenders who do not modify mortgages do the same, "seek[ing] to maximize profits or minimize losses irrespective of concerns of morality or social responsibility," or more bluntly stating that "The economy is fundamentally amoral." Further, obligations to honor a contract are balanced by obligations to oneself and one's family, the latter speaking in favor of strategic default, some arguing "You need to put yourself and your family's finances first," while one also has obligations to a community, which may be damaged by default.
Me? I say F the banks.. They are the ones who got so incredibly GREEDY that they would have loaned money to your dog for a new home had you asked..
And, in response to this disaster, our own government has continued bailout after bailout after bailout.. Do you realize that the majority of this bailout money that is given to consumers is merely used to make payments on bank loans and credit cards!
Of course that is the entire GOAL.. of government and the Federal Reserve.. Get money into people's hands any way you can do it so those same people can hand over that same money to the BANKS!
Americans who have been cheated and lied to have NO moral obligations what-so-ever to the very same people who cheated and lied to them..
Everyone's responsibility is to their family, not banks and payday loan companies..
Please check out this definition of Strategic Default and give some serious thought to whether or not it might help your current financial situation..