Tuesday, March 3, 2009

I Bought a Bad House...

Joel Stein had a great essay in Time this week. "If we reimbursed people who lost cash on risky investments--or, as [Rick] Santelli put it, "subsidize the losers' mortgages"--we'd create a moral hazard, telling everyone there's no risk to gambling." A harsh but well stated call to financial responsibility.

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