Why the Crisis Won't End - Yet
You have to read this article about a couple that has lived in a $1.29 million home for five years without paying a single mortgage payment. Read the whole article. When you're done - after using your reason and few facts - you'll see why we'll be mired in this crisis for the foreseeable future.
The article doesn't explain which institution gave these people a mortgage. It doesn't go into detail about how an institution that calls itself a "bank" could justify loaning $1.29 million without a substantial down payment to people who, shortly after they moved in, declared bankruptcy. What we do know however is, while their situation is extraordinary, there are hundreds of thousands (millions?) like them who remain in their homes and do not make mortgage payments.
The couple in question uses all means available to avoid paying their mortgage. They've used these means since they moved into the house. These people justify what they're doing by pointing to what banks have done to stay in business and keep the bonuses and perks they pay to their employees.
If you read the article (assuming that the reporting is accurate), you'll notice that one of the sources these people use to justify their actions is the Bible. The Bible does indeed recommend forgiveness of debt. But here we see a situation where the people took on a large debt knowing that they couldn't pay it back. The Bible verses don't apply to them. You have to wonder whether they know this too.
Our economic system won't function with people like this. It will continue to be in crisis. It will only emerge from crisis when people don't act this way.
Sure, we can talk about the injustice of bailing out banks. We can talk about how the "little guy" is suffering because of an system that operated for the benefit of the few at the expense of the many. But that's not what this article is about. It's about individuals taking advantage of that system for their own benefit. Not only will their actions not help to repair the system, they will keep the system in its current dis-functional state.
Yes, I realize it can be tempting to justify your own wrongdoing by pointing out the wrongdoing of others. But I hope you know that this itself is wrong.
We know that one of the main reasons for our crisis was too much debt. The government's policy of creating more debt cannot solve the problem of too much debt. Piling debt on top of debt won't solve the problem to too much debt. It doesn't take a rocket scientist or a moral theologian to see that.
Another reason for our crisis was immoral actions on the part of government and private institutions and individuals. In the same sense, the crisis won't be solved by government, private institutions and individuals continuing to act in an immoral way.
Don't you think this couple is acting in an immoral manner? Didn't they willingly take on this debt? (I suspect no one forced them to move into this rather magnificent home.) The debt came with an obligation to repay the debt. Now they refuse to live up to their obligation.
This crisis will not end as long as the immoral actions of some serve to justify the immoral actions of others. We'll simply be caught in a vortex of immoral actions piled on top of immoral actions.
The article doesn't explain which institution gave these people a mortgage. It doesn't go into detail about how an institution that calls itself a "bank" could justify loaning $1.29 million without a substantial down payment to people who, shortly after they moved in, declared bankruptcy. What we do know however is, while their situation is extraordinary, there are hundreds of thousands (millions?) like them who remain in their homes and do not make mortgage payments.
The couple in question uses all means available to avoid paying their mortgage. They've used these means since they moved into the house. These people justify what they're doing by pointing to what banks have done to stay in business and keep the bonuses and perks they pay to their employees.
If you read the article (assuming that the reporting is accurate), you'll notice that one of the sources these people use to justify their actions is the Bible. The Bible does indeed recommend forgiveness of debt. But here we see a situation where the people took on a large debt knowing that they couldn't pay it back. The Bible verses don't apply to them. You have to wonder whether they know this too.
Our economic system won't function with people like this. It will continue to be in crisis. It will only emerge from crisis when people don't act this way.
Sure, we can talk about the injustice of bailing out banks. We can talk about how the "little guy" is suffering because of an system that operated for the benefit of the few at the expense of the many. But that's not what this article is about. It's about individuals taking advantage of that system for their own benefit. Not only will their actions not help to repair the system, they will keep the system in its current dis-functional state.
Yes, I realize it can be tempting to justify your own wrongdoing by pointing out the wrongdoing of others. But I hope you know that this itself is wrong.
We know that one of the main reasons for our crisis was too much debt. The government's policy of creating more debt cannot solve the problem of too much debt. Piling debt on top of debt won't solve the problem to too much debt. It doesn't take a rocket scientist or a moral theologian to see that.
Another reason for our crisis was immoral actions on the part of government and private institutions and individuals. In the same sense, the crisis won't be solved by government, private institutions and individuals continuing to act in an immoral way.
Don't you think this couple is acting in an immoral manner? Didn't they willingly take on this debt? (I suspect no one forced them to move into this rather magnificent home.) The debt came with an obligation to repay the debt. Now they refuse to live up to their obligation.
This crisis will not end as long as the immoral actions of some serve to justify the immoral actions of others. We'll simply be caught in a vortex of immoral actions piled on top of immoral actions.
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