When you talk about financial morons who pushed their debt on your tax bill are you talking about the banks because they would fit that description? The banks gleefully socialized their bad investments. The banks charge a fee for the risk they are taking on why should the individual feel obligated to absorb all the loss while still paying that risk fee to the bank?

If enough people fail to pay their mortgage the bank will fail it is only because we have allowed banks to grow so large that the economy can not survive them failing that we have to socialize that debt. If not we could just allow the banks to fail do to their poor lending practices. Why do we expect the individuals in the worst hit areas to simply buck up and take one for the team out of some sense of social moral obligation? We don't seem to expect banks to behave in moral fashion, simply a legal one, but we expect individuals to even though they are paying an extremely high price for those morals and we are willing to help shoulder that cost.

I see a lot of people blaming the home owner for an idiot when they bought their house but that really is simply us rationalizing an unsympathetic attitude towards these people. I see a lot people talking about speculators or people buying homes that they could in no way afford but what about the guy who simply lived it the area and need a house? He bought a house he could afford and now it is worth 60% of what he paid for it. He should just be a good little citizen and take the hit all by himself? He isn’t legally required to so why should he be morally required to?