I wish I had more time to go over this post in depth but I'll have to keep it brief. Megan McArdle is still insisting that corporations should be able to break contracts with individuals if it would help ensure their survival, but individuals must never break contracts with corporations. McArdle drooled at the thought of GM going bankrupt so they could shaft their union members. She encouraged and abetted the banks' rape of the taxpayer to keep themselves afloat after all their bad loans and investments. But now it's immoral for an individual to act in his best interest financially. Just as she wants the individual to bear all burden for taxes, she wants the individual to be the only one obligated to honor contracts. It's sick and pathetic.
McArdle sees her credit score as a gauge of personal worth. She worried the banks will make it harder to get a loan for her future house. She has no idea her old world is gone, destroyed by her heroes of the banking industry. People will default in greater numbers whether they want to or not. McArdle will suffer more than most because she has invested far more than most in the financial industry--not just her job and money, but also her ego and social status. This will not end well for her, and nobody deserves her fate more.