Walk Away By Doug French

Description

Housing, a central priority for government policy for many decades, collapsed in 2008; even in 2011, millions of homes are under water. This poses many economic and ethical issues. This elegant and fact-filled book by former Mises Institute president Doug French examines the background to the case of “strategic default,” or walking away from your home, and considers its implications from a variety of different perspectives. The thesis here is that there is nothing ominous or evil about this practice. It is an extension of economic rationality.

See More See Less

Discussions

  •  Jeffrey Tucker

    Walk Away

    Walk Away by Doug French French’s book was greeted with enormous controversy among those who believe in keeping contracts above all else. French, in contrast, argued that it is plainly stupid to continue paying into a house worth a fraction of the contracted mortgage debt. Better to leave the home and give it to the bank than keep being looted. History since 2008 has shown that he was right about this. Kick off the discussion! Questions, comments, observations or elaborations? Either reply here or create a new discussion using the tag Library_Walk Away

    Jump to Discussion Post 43 replies