Doug French, In Defence of Mortgage Defaulters

Posted on 2 June, 2011 by | 3 Comments

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This entry was posted in Austrian Economic Theory, Conference Speeches, Economics, MARKET CIVILISATION, poor people. Bookmark the permalink.

3 Responses to Doug French, In Defence of Mortgage Defaulters

  1. C H Ingoldby | 2 June, 2011 at 8:07 pm |

    The agreements between customers and banks are not based on two equal parties taking reciprocal obligations. It is a lop sided agreement where the bank has legal advantages that allow the it to take advantage of the customer.

    The bank is not held to any standards of good faith toward the customer, therefore it is not moral to demand that the customer be held to a different, higher standard.

    As long as banks have an artificial, legal and political insulation, subsidy and favoured treatment, to treat the relationship between the bank and customer as a binding agreement between equals is just wrong. Banks are privileged clients of the State, not genuine free market players.

  2. C H Ingoldby | 2 June, 2011 at 8:07 pm |

    So, yes, good and thoughtful talk by Doug French.

  3. Daz Pearce | 3 June, 2011 at 12:46 am |

    The bank bailout was a disgrace and probably set the free market back 100 years. We should have let them crash and burn.
    http://outspokenrabbit.blogspot.com/

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