If you borrow money, do you feel there is a moral obligation to repay the money you borrowed?
If you borrow money, do you feel there is a moral obligation to repay the money you borrowed?
Only if you have not given the borrower collateral that you return in lieu of payment.
Yes for so long as my situation allows me to repay it.
If you borrow money, do you feel there is a moral obligation to repay the money you borrowed?
If you borrow money, do you feel there is a moral obligation to repay the money you borrowed?
The govt pays back all of the money it borrows. It does not default on its' debt (though the immoral republicans are doing everything they can to change that)
Then it turns around and borrows again.
I'd say it's economically efficient and fiscally smart to repay loans, because of credit ratings and such, but I'm not so sure I'd call it a "moral obligation."
LOL. That's what I figure most lefties would say. "screw 'em, let them keep the house (or car or TV or furniture) since it isn't worth what I paid for it".
Is that what he is trying to get at, government debt? Why can't people actually ask what they want to ask and instead try and ask about something else as if it was the same thing...
Why do banks demand collateral if not to recoup losses from defaults? Why should borrowers pay for the banks mistakes? I thought they were being paid interest because they are "taking risks"?
Yes for so long as my situation allows me to repay it.
Only if you respect yourself. Otherwise, lie, cheat and steal your way through- not like anyone will be surprised.
Do you not consider truthfulness a moral issue?
No. I'm talking about borrowing money (say for a house) and then if the house goes down in value, walking away in a "strategic default" and letting the bank get what they can for the house and taking the credit hit instead of paying for a house that has negative equity for you.
Morality isn't that black & white.
In that case, why didn't you say so?
The answer is, one has no moral obligation to repay a bank loan. It's business, all business. I expect the bank to do whatever is in its' own interests to do as long as it is legal, and they should expect the same from me.
The banks don't get all their money back from selling the house. It was YOUR choice to buy the house. Reneging on the deal later just because it doesn't suit you any more is about the same as stealing money. You take money with the condition that you pay it back and you decide not to live up to your end of the bargain because it's more profitable for you if you don't. That's basically stealing.
I've never seen that to be the case...as far as republicans. They never wanted to default on the debt. They wanted for existing government programs to pay for the debt instead... they would go first, not defaulting.The govt pays back all of the money it borrows. It does not default on its' debt (though the immoral republicans are doing everything they can to change that)
Then it turns around and borrows again.