Read this if you want to be disgusted

[wincrasher]

Here's an interesting article on the Wall Street Journal site:

American Dream 2: Default, then Rent

Sounds almost normal now. Now they have plenty of money for such things as Disney season tickets, a cruise vacation, and keeping the BMW!

Urgh.

[kork13]

Here's an interesting article on the Wall Street Journal site:

American Dream 2: Default, then Rent

Sounds almost normal now. Now they have plenty of money for such things as Disney season tickets, a cruise vacation, and keeping the BMW!

Urgh.

American Dream 2: Default, Then Rent - WSJ.com
Here's the actual link... I saw this earlier as well... I couldn't believe the light in which the writer cast this situation. How nice that he mentioned the 'morality' argument, then discounted it entirely as a valid concern.

I personally see this more as a gross manifestation of journalist's bias than as an accurate depiction of American society. Yes, the argument is certainly there, but thankfully the majority of people still see defaulting on a home as a desperate, last-ditch effort.

The best way to demonstrate my point is this: the writer selected a single street in one of the hardest-hit areas of the housing bust, interviewed 3 people, threw in a couple statistics suitable to his storyline, and called it an article. I worked in print journalism for a few years, and you're right -- this is disgusting.

I don't mean to discount the point that you're going for here, wincrasher... I agree with you, and it really is a terrible thought process for people to follow. But for this writer to so blatantly encourage it, and to use so narrow a focus in trying to draw conclusions about the entire country.... ugh... it really does aggravate me....

[wincrasher]

I do agree that we are, I guess maybe out of fatigue, being de-sensitised to the enormity of the consequences. These people may be de-stigmatized right now, but I think that the reality of it hasn't sunk in. They will have a tough row-to-hoe in the coming years. They have no idea.

But in the comments that went with the article are some interesting points. One guy made an arguement that when we let the business/financial world abandon ethics and morals, then we shouldn't be surprised when consumers do too. I agree with that point somewhat, but I'd say that there are still consequences for the consumers, but none for the financiers.