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What Does a Debt Slave Look Like?

People, for years, treated a home like it was an investment.  Except that their were brainwashed into not treating a home like an investment.  Consider this.... You start a new business.  You finance it.  Your business fails.  You plead bankruptcy.  You move on.  You feel demoralized, but not immoral.  Check out how that flips when a home is involved. You buy a home as an investment.  The home's value drops, and might not rebound for a decade.  Paying your mortgage would be no different from running a business at a loss.  Yet like a good little debt slave, you'd feel guilty walking away.  "But I promised the bank I'd pay."   That sentimentalism is exactly what banks are betting upon.  It's like giving two weeks' notice.  The company demands that you give notice before quitting...continue to full post

Full post as published by Crime & Federalism on December 11, 2009 (boomark / email).