On The Road
Seein’ things that I may never see again...
...a new academic paper by Brent T. White, a University of Arizona law school professor, titled “Underwater and Not Walking Away: Shame, Fear and the Social Management of the Housing Crisis.” ...White argues that far more of the estimated 15 million American homeowners who are underwater on their mortgages should stiff their lenders and take a hike.
And most important: Don’t feel guilty about it. Don’t think you’re doing something morally wrong.
...The main point, he says, is that too often people’s emotions get in the way of clear financial thinking about mortgages, turning them into what he calls “woodheads”—“individuals who choose not to act in their own self-interest.” Most owners are too worried about feelings of shame and embarrassment following a foreclosure, and ignore the powerful financial reasons for going through with it, he said.
If there is no moral sense—no individual responsibility—there can be no individual freedom.
Sure, credit scores get whacked when you walk away, he acknowledges. But as long as you stay current with other creditors, “one can have a good credit rating again—meaning above 660—within two years after a foreclosure.”
Better yet, you can default “strategically.” Buy all the major items you’ll need for the next couple of years—a new car, even a new house—just before you pull the plug on your current mortgage lender.
Srsly. If ya meet this fella, count your fingers after shaking hands and keep a grip on your wallet. And shoes.
Further down that same road:
The mistaken belief that albino body parts have magical powers has driven thousands of Africa’s albinos into hiding, fearful of losing their lives and limbs to unscrupulous dealers who can make up to $75,000 selling a complete dismembered set. ...Wealthy buyers use the parts as talismans to bring them wealth and good fortune.
“Mistaken belief”?!?!? AP calls the keeping of murdered human body parts as good luck pieces a “mistaken belief?!?!?” We’re farther down that road than we thought.
What’s discouraging is that many of the commenters agree with the perfesser - and those comments got recommendations.
The best one is the one that suggested “Maybe his students shouldn’t have to pay tuition if they don’t think his class is worth it.”
“Mistaken belief”: Haven’t the Wise Ones on the Left been trying to tell us for years that evey culture is equally valid?
Posted by ZZMike on 12/01/09 at 01:11 PM
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