When Reality Trumps the Morality Card

[don]

Re: When Reality Trumps the Morality Card

Where I come from, what you did is called stealing, but stealing seems to be the preferred way in some sectors of American life, so at least among some, your plagiarism would draw approvals.

Stealing? Jim, you need to loosen the sphincter, old boy. Stealing for what? A few laughs on iTulip? Methinks more in your world is a bit more amiss than I'd like to experience in mine. Good luck pilgrim.

By the way boy scout, I'm not making a film, proposing one, or any other thing remotely removed from the one liner here on itulip, Jimbo.

[Jim Nickerson]

Re: When Reality Trumps the Morality Card

Stealing? Jim, you need to loosen the sphincter, old boy. Stealing for what? A few laughs on iTulip? Methinks more in your world is a bit more amiss than I'd like to experience in mine. Good luck pilgrim.

By the way boy scout, I'm not making a film, proposing one, or any other thing remotely removed from the one liner here on itulip, Jimbo.

Aaagh, I, the messenger, am wounded, but the message stands.

[ricket]

Re: When Reality Trumps the Morality Card

As long as the government bails out the banks from their exposure to bad debt it only means that the defaults are borne by society at large. Some result...

Ah, but you fail to realize that in our current interest-bearing loan creation system, defaults are actually borne by the system itself, not society.

It is a mathematical inevitability that a certain percentage of loans issued will default (since the interest to service the debt is never created).

[flintlock]

Re: When Reality Trumps the Morality Card

Yeah, run up $28k in credit cards, default and then say, " those evil banks made me do it!". Big difference in defaulting on a mortgage and a credit card. I possibly could cut the mortgage defaulters some slack. But credit cards? You people so eager for debt forgiveness would be singing a different tune if the debt was owed to you.

My next door neighbors haven't paid their HOA fees in years. She admitted to my wife her wages are garnished to pay a credit card bill. Boohoo right? Well I should also mention their monthly trips to the Ritz Carlton hotel, the 4 or 5 vacations a year they take, weekly salon visits, and the new Lexus she drives to her job as a schoolteacher. I told my wife I expect them to file bankruptcy any day. Hardly the stuff of Shay's rebellion.

[cjppjc]

Re: When Reality Trumps the Morality Card

Yeah, run up $28k in credit cards, default and then say, " those evil banks made me do it!". Big difference in defaulting on a mortgage and a credit card. I possibly could cut the mortgage defaulters some slack. But credit cards? You people so eager for debt forgiveness would be singing a different tune if the debt was owed to you.

My next door neighbors haven't paid their HOA fees in years. She admitted to my wife her wages are garnished to pay a credit card bill. Boohoo right? Well I should also mention their monthly trips to the Ritz Carlton hotel, the 4 or 5 vacations a year they take, weekly salon visits, and the new Lexus she drives to her job as a schoolteacher. I told my wife I expect them to file bankruptcy any day. Hardly the stuff of Shay's rebellion.

There is alot of that going around. I feel a little sympathy for those types. They take it harder than a person who played right and had a bad break or two. This second type can brush themselves off and not have too much ego damage. The former can't understand their plight, and wonder what is going on.

[flintlock]

Re: When Reality Trumps the Morality Card

Stealing? Jim, you need to loosen the sphincter, old boy. Stealing for what? A few laughs on iTulip? Methinks more in your world is a bit more amiss than I'd like to experience in mine. Good luck pilgrim.

No kidding. Hardly an attempt at plagiarism when it comes straight out of a quote in the article Don posted!!!:eek:

Don, I see you've been "Nicked" by the resident crotchety old fart. Expert at taking one line out of context and running with it. Every now and then he escapes from under his bridge to deliver one of these "gems".

[Jim Nickerson]

Re: When Reality Trumps the Morality Card

No kidding. Hardly an attempt at plagiarism when it comes straight out of a quote in the article Don posted!!!:eek:

Don, I see you've been "Nicked" by the resident crotchety old fart. Expert at taking one line out of context and running with it. Every now and then he escapes from under his bridge to deliver one of these "gems".

If I have erred, I'd like to understand where. I do find the phrase "embrace the darkness, which I had missed before making a previous post about stealing and plagiarism because of searching for "embracing."

I guess it is possible that Don and Calculated Risk could independently come up with a variation of the same words within several hours.

I retract my allegation of stealing and plagarism and apologize, Don.

Back on Topic.

Bruce Krasting has some further commentary prompted by the original NYT article in which he expands on further debt repudiation. If he is correct there is a lot more to come. http://brucekrasting.blogspot.com/20...-on-table.html

[c1ue]

Re: When Reality Trumps the Morality Card

What the NYT and Buck Krasting are talking about is directly related to the study I posted earlier on a study done of home defaults:

26% of home defaults are strategic

Some of the points specifically noted:

1) The greater the negative equity, the more likely a 'jingle mail'
2) As negative equity approaches -$200K, walkaways plateau at over 35%
3) The more foreclosures in a ZIP code, the higher the default rate increases.

To me this sounds like a runaway situation is more than possible in many parts of the US including much of California, Florida, Las Vegas.

[karim0028]

Re: When Reality Trumps the Morality Card

http://blog.youwalkaway.com/?p=247

AZ Governor Signs New Law On Foreclosure Deficiency Rule. Other States To Follow?

The laws; they maybe changing....

[sunskyfan]

Re: When Reality Trumps the Morality Card

Bank of America has NO moral authority to collect debt. How could it? The backlash of last year is not as mundane as inflation it is the collapse of the validity of contract. What people don't get is that the gigantic Default has already happened. In fact, there is your new Paradigm: we don't have Recessions and Depressions anymore we have Refinances and Defaults. We are in the middle of the Great Default of 2009.

[don]

Re: When Reality Trumps the Morality Card

What the NYT and Buck Krasting are talking about is directly related to the study I posted earlier on a study done of home defaults:

26% of home defaults are strategic

Some of the points specifically noted:

Throw in flat screen, high-definition amoral behavior at the top and whatever moral compunction remains at the bottom is easily blown away when your other demons appear at the door. I think we're seeing this as well.

[Godozo]

Re: When Reality Trumps the Morality Card

Consider this: Many people owe lots and lots of $$$ on Student Loans which they CAN'T walk away from. How long before other loans start being treated like Student Loans?

[flintlock]

Re: When Reality Trumps the Morality Card

That will be decided by who has the best lobbyists.