Posted by: Angus Cunningham
03/29/2008, 22:20:25
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DWA: "When an unqualified reckless borrower with an adjustable rate mortgage has to move out of their house, is that cause for a "revolution", or should they just opportunistically move/hitchhike to the booming labor market in Northern Alberta?" I think DWA's question leads us to the heart of what I conceive to be the present moment "revolution issue". Clearly, the way DWA has phrased the question, the mortgagee should move with haste to Northern Alberta. But there are, I read, an estimated 2 million such morgagees (a figure that I hold in mind-boggled askance) and since Alberta's population couldn't accommodate them if they all arrived ..... but I belabour the underlying point that the situation is not that simple. I think the larger issue is whether a government is morally right to bail out only one of either overextended mortgagees or overextended mortgagors. Frankly, I would not want either kinds of people spreading their bravadoic nonsense in Canada.
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