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Another liberal academic decries Americans’ overblown sense of personal responsibility:

In a new academic paper [Prof.] White says there are millions of upside-down homeowners who “should be walking away in droves.” They “have no reasonable prospect of recouping” what they owe on the house, and they’re only keeping their mortgage obligations because of an “emotional” sense of personal responsibility.

This is economically irrational, insists White, who advocates a “strategic” default on your mortgage. You should buy stuff on credit. Then tell your bank the bad news. This, White says, will let American borrowers abandon their mortgage obligations “with minimal disruptions to their lifestyles.”

And isn’t maintaining “our lifestyles” the top priority?


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