Personal Journal: the strategic default of the house we purchased in 2006

Monday, March 8, 2010

Nothing New Under the Sun


Here is a famous story.  The names have been changed, but use the key below to figure it out!

Change the name servant #1 to 'Citi', and the amounts to $45 billion ($45,000,000,000).
Change the name of servant # 2 to "Average Nevada County Homeowner", and the amount to $350,000 
(Citi owes the feds 128,571 times more than the average homeowner owes Citi.)


"A king decided to square accounts with his servants. As he got under way, one servant was brought before him who had run up a debt of a hundred thousand dollars. He couldn't pay up, so the king ordered the man, along with his wife, children, and goods, to be auctioned off at the slave market.

"The poor wretch threw himself at the king's feet and begged, 'Give me a chance and I'll pay it all back.' Touched by his plea, the king let him off, erasing the debt.

"The servant was no sooner out of the room when he came upon one of his fellow servants who owed him ten dollars. He seized him by the throat and demanded, 'Pay up. Now!'

"The poor wretch threw himself down and begged, 'Give me a chance and I'll pay it all back.' But he wouldn't do it. He had him arrested and put in jail until the debt was paid. When the other servants saw this going on, they were outraged and brought a detailed report to the king.

"The king summoned the man and said, 'You evil servant! I forgave your entire debt when you begged me for mercy. Shouldn't you be compelled to be merciful to your fellow servant who asked for mercy?' The king was furious and put the screws to the man until he paid back his entire debt."

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