Friday, March 13, 2009

For reasons other than economic...

Hmm, it really is interesting to see the articles in the papers these days. The past few days I've been seeing ones like this one which ask you why should consider walking away from your loan.

What troubles me about a lot of these stories is they focus on the economic argument for walking away from the loan. But they don't ever talk about the moral one if you can continue to pay your mortgage. What it highlights is the short term thinking that dominates our thinking. People made the assumption they could sell their home for a profit, maybe they were planning to live for a short period of time. Maybe they thought prices only went up. But what they failed to do was take a long view of what might happen and they also failed to take a long view of their obligation.

Has this type of abdicating of a lease extended to the lease we hold on our planet. Except for one small detail, we can't walk away from our planet (at least not yet). But given they way we treated our bank balances and our planets. Maybe we can only think one way and one way only. If you walk away from your commitments when it's hard, were they commitments at all?


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