Quote:
Originally Posted by SAC
once again the fucking irresponsible loser degenerates get bailed out and responsible folk get fucked in the ass paying for it all. #MoralHazard
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Why keep paying exorbitant loan payments for an underwater asset ... and hence, "Strategic Default" to dump and/or force a renegotiation by the lender - common practice in business.
Ask yourself why it's ok for corporations and the rich to default to dump overvalued assets, and yet somehow is wrong for the "regular" people.
Increasingly, the general populace can see through the double-standard and have come to realize that only chumps keep paying on a loan with lousy terms on an asset that's underwater.