Have we lost our honor?

From the Stoa today, I symbolically tap a fake newspaper to my chin.

An article in the WSJ talked about how 20% or 12 b$ worth of contracts has been reneged.

What's that all about? Do people think that you can promise to buy a product at a certain price and then walk away when it actually does hit that price?

Do people take out loans on homes they know they cannot afford and then walk away from them?

Yes, seems to be the proper answer.

There was a time in this country where a hand shake was all that was required to secure a deal. A man's word was his bond. When did that stop being important?

There was a movie in the 1980's called "Trading Places". The end of the movie saw the antagonists of the movie, broken upon the wheel of a futures contract on Orange Juice. A century old firm was wrecked when it made a promise to pay for OJ at one price and sell at another.

So, apparently, someones' word was still important 30 year ago.

Just another change started in our culture by the Boomers. Thank you again, jerks.

Live well.

Zavost