Submitted by Jason Pappas, Dec 10, 2007 09:45

While Mr. Glaeser's economic points are sound and bring to mind the unintended dangers of more government intervention to prop-up a bloated market, politics will trump economics unless there is a concern with core moral principles. Should we toss aside contracts for convenience and gut the rule of law? Whatever happened to self-responsibility and self-discipline?

Given that 2/3 of American families are homeowners and this is a democracy, the prospects for the abandonment of the rule of law, sanctity of contracts, and respect for property rights (including bond holders) is unlikely unless these core ethical concerns become central to the public discussion.

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