for Cody Willard regarding contract law

I don't see how you can say that contract law is paramount in our society when the corporations that are writing those contracts are belly up if not for the tax payer. You can argue all you want about personal responsibility and dead beat this and dead beat that but the only dead beats are the banks and bankers. These loans are all collateralized and that means house for money. The option of house in lieu of paying the money is one that the bank willing uses. The fact that they allowed themselves (and caused the collapse of the world economy) to be put underwater by a small percentage of defaulted loans is an issue with their business model not an issue about people buying what they couldn’t afford. It is the banks job and that of regulators to see that defaults do not kill the bank. The cycle started because banks created a system that could not tolerate any defaults or even the slightest up tick in default rates. Now people who have done nothing wrong and only wished for their home to hold its value are losing years of equity payments. (cash used to pay down principal as prices fall below the 2003 or older property values). These people are suffering because of the banks and regulators. They both failed miserable and now we bail them out while with taxpayer money to prolong the crisis and to push values even lower in stocks and real estate.