``Even on moral grounds, it seems difficult to put the entire burden of adjustment on the debtor. For every imprudent debtor there is an overzealous and reckless lender. To suggest that creditor greed for profits and bonuses had nothing to do with the spread of unpayable debt in recent years is na?vet?. Even today, banks will not reduce mortgage principal because they want to retain lucrative mortgage servicing fees. This behavior is no less reprehensible than that of the most calculating debtor.''
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Source: http://ml-implode.com/staticnews/2012-07-04_DebtForgivenessWouldRevivetheEconomyRickards.html
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