Last weekend, The New York Times ran an article in the Magazine encouraging people to default on their mortgages because, essentially, this is what big business does all the time under the rubric of “strategic defaults.”
Basically, the argument goes, when big business does it, it’s strategic. When individuals do it, it’s unethical. So why not adopt the morality of big business? After all, they were the ones who duped us into taking the mortgages in the first place. Right?
The author gives two reasons such defaults are frowned upon. The first is that defaulted mortgages depress neighboring property values. The second is that “default (supposedly) debases the character of the borrower.” Gotta love that parenthetical word. It’s as if “keeping one’s word” were something that we’ve all just been kind of force-fed by a society which wants nothing more than to exploit our good, trusting natures.
Well, so maybe that’s so. What then? Do we return to the Wild West? Obviously, one op-ed piece isn’t going to change anyone’s mind (well, maybe a few), but it just strikes me as another symptom of our deepening sense of ambivalence about what, after things we believed in begin to fall way, we should keep of the “old ways.”
Aren’t things like “character” worth keeping? Do we want to relive the Wild West? I don’t know. Anyway, who am I—a novelist—to complain? It may have been hard living, but it sure made for some good storytelling.