
Well meaning people are often wrong. The foreclosure process -- essential to the cleansing of consumer debt and the recovery of the housing market -- is very painful for the families that must endure it. Many on the left of the political spectrum are pandering to the masses facing foreclosure and proposing policies that would remove the negative consequence of foreclosure for those who over borrowed. Unfortunately, removing these consequences is the essence of moral hazard: if people don't experience consequences of their foolish actions, they tend to repeat the mistake. John Taylor: Foreclosures Are the Mortal Enemy to Economic Recovery Lori Ann LaRocco -- Monday, 29 Nov 2010 -- (edited for brevity) The foreclosure crisis still divides us into…[READ MORE]