If we, (the government), keep allowing large companies to walk away from their financial obligations, and do not punish those that become wealthy by stealing, ala Goldman Sachs, this will become more prevalent. I know Obama wants this because a crippled economy means more slaves, but we the people cannot allow a large company to steal and criticize an individual for doing the same.
But the real issue isn't the loans, but the decay of trust. Our financial system and legal system of contracts is built on trust. As this grows, we are seeing more and more trust erode.
This is a bigger danger than the money lost. If neither party trusts that the other will full fill the contract, it will lead to no contracts being issued.
......I am a .....
Disgruntled feminist loser