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Megan McArdle is Humiliated

In response to the argument that homeowners - i.e., regular working stiffs - owed banks no moral obligation to pay mortgages on an underwater property, Megan McArdle flipped out.  Of course people should!  In this very polite slate essay, Daniel Gross explains why McArdle is an embarrassment to thinking people everywhere:Blogger Megan McArdle expressed disdain for people who chose to indulge themselves on consumer goods and services while not keeping current with their mortgages.Um, do any of these people read the Wall Street Journal? Strategic defaults are the American way, and I'm not talking about strapped middle-class borrowers who prefer spending money on vacations to staying current on their payments. Deep-pocketed companies, billionaires, and institutions that can afford to stay current on payments strategically default all the time...continue to full post

Full post as published by Crime & Federalism on December 23, 2009 (boomark / email).