Sunday, December 18, 2011

The Mortgage Foreclosures BS Argument About Moral Hazard

Banks often use the "moral hazard" argument to defend not restructuring bad loans facing foreclosure. These are the same banks of course that ran the economy into a ditch in 2008 because they ignored their own moral hazard when they turned the banking industry into a giant ponzi scheme in the name of the quest for obscene profits.

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