It is easy to mock bankers who encourage consumers to honor their obligations and to promote the advantages of walking away from a mortgage that is underwater. This Lowenstein does. Lowenstein ridicules the esteem in which the virtue of paying one's debts is held. He aims his column squarely at those who have a choice whether to continue to pay or bail out. He advocates bailing out on purely economic grounds.PowerLine argues against Lowenstein’s approach on legal grounds, which is their wont. But I have a different thought: it’s dishonorable. It cheapens my name; it stains my reputation; it sullies my honor.
And those are the things I will pass to my heirs – and to history.
Well said. Unfortunately, there seem to be fewer and fewer of us today who value the concept of honor.
ReplyDeleteThanks. I wish I could argue that you're wrong, though.
ReplyDelete