Beggar Thy Neighbor

This story of moral hazard is becoming all too common. I’ve even heard advisors on public radio recommend missing mortgage payments in order to “get the bank’s attention”. I know people who are doing the same thing. Since when did “beggar thy neighbor” become good financial advice and good public policy? Is the notion of taking responsibility for your own mistakes so alien to our society? And has there ever been a workable society based on a moral code that says cheating is just fine? I hate to sound like a grumpy old codger, but we may be witnessing the beginning of the end of something.

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