Dylan Ratigan knows Wall Street and he knows capitalism. So listen up when he says walking away from your underwater mortgage is the capitalistic thing to do.
Forget all this sentimental, do-the-right-thing B.S. A mortgage is a contract, and many borrowers even pay a premium % for the right to walk away from that contract.
But now Wall Street has successfully lobbied Congress to go beyond that contract, to go beyond that capitalistic agreement between two parties, and go after borrowers beyond the value of the home which they have forfeited.
Don't look for Obama, the GOP or the Tea Parties to stand up for capitalism. They'll be silent as Congress once again goes after the Little Guy's last dollar while giving the super rich and TBTF banks every advantage.
By Dylan Ratigan
June 24, 2010 | Huffington Post
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