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I think you're fundamentally misunderstanding how this works.

Finance and politics do not have the same morality that ordinary people do. Certainly not ordinary decent people.

The whole point of finance and politics is to screw everyone else for personal advantage to the maximum extent possible. That's the basis of Wall St and Washington morality.

The problem isn't that this 'isn't fair' - of course it's not fair.

The problem is that most people in Western democracies don't appreciate how systemically dysfunctional these cultures are, and they expect moral standards from so-called leaders, experts, and powerful people which those people have absolutely no interest in.

As for mortgages - this kind of creeping immorality corrupts everything it touches, so it's not difficult to understand why people will do the strategic default thing.

But a lot of people in strategic default have no choice, because they'll have lost jobs they would have preferred to keep, or suffered pay cuts they would have preferred not to suffer, and they haven't been given an affordable housing option.

There's a clear difference between that and someone who has no financial issues simply walking away from a debt because they can, and don't care to repay it.

by ThatBritGuy (thatbritguy (at) googlemail.com) on Thu Aug 26th, 2010 at 07:40:21 AM EST
[ Parent ]
call me optimistic dreaming naive young guy, but I always thought that at least part of the political sphere was there to represent the people...

But I do get your point, as soon as the government does not represent the poeple anymore but is bought by wall street and big oil, well, then that's the beginning of the end as soon as things don't go continually up for everyone (some more than others) thanks to practically free energy the last 50 or so years.

The energy credit will soon be gone and then it won't be that easy and those socities where citizens are still more or less represented by their government will fare better than those ruled by dictator-like cartels of MBA alumni...

by crankykarsten (cranky (where?) gmx dot organisation) on Thu Aug 26th, 2010 at 07:46:13 AM EST
[ Parent ]
Government is supposed to represent the people, and there's a narrative that it represents the people. But in practice - not so much.

In the UK in the last century there was maybe a decade when government was truly popular and representative. And as we've just seen - when there's danger of instability or change, the posh boys always ignore their nominal party labels and close ranks.

It's not unlike the US where one party despises poor people and wants them to die or live as slaves, and the other party despises them but understands that some concessions to their welfare are expedient.

I don't think it's a coincidence that offshoring has made it possible for those in power to ignore the working poor and shift policy right-wards. All those workers are no longer necessary, so there's no longer any need to pretend to be polite to them.

If more people realised how excluded they are, it might not be a bad thing.

by ThatBritGuy (thatbritguy (at) googlemail.com) on Thu Aug 26th, 2010 at 08:37:48 AM EST
[ Parent ]


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