On Thu, Oct 21, 2010 at 9:05 AM, Dan Minette <danmine...@att.net> wrote:
> > John Williams wrote: > > Only if you consider honesty and keeping your word to be ridiculous. > > An honorable person would not agree to borrow money from anyone, > > even a loan shark, if they thought that there was any possibility > > that they would not be able to honor their agreement and pay back > > the money that they borrowed. > > John, I think I differ with that perspective. I've taken out mortgages, > and > I always thought there was a high probability that I would be able to honor > them when I took them out. But, there was always a possibility that I'd be > hit by a devastating illness after the mortgage went under water, so that > it > would be impossible to sell the house for enough to pay the mortgage and it > would be impossible to keep up payments. > Indeed. By John Williams's definition every borrower everywhere at any time is a dishonorable scumbag. There is always some chance of default--and that chance of default is factored into the lender's calculations when they set the interest rate: the chance that you might default is the reason you have to pay more to borrow than the U.S. Treasury does. I really wouldn't feed the troll any more, if I were you...
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