Moral Obligation

Everyone needs to be comfortable and clear on the decisions they make.  This series of questions comes from Mike “Mish” Shedlock in response to the comment: 

“Mish, I’m very disappointed that you don't think people are morally obligated to try to honor their agreements. Just because it's legal doesn't make it right."

To this Mr. Shedlock asks:

Let's explore the issue of moral obligation with a series of questions.

• Where was the moral obligation of those willing to lend money to someone who they knew could not possibly afford the house?
• Where was the moral obligation of those willing to lend money to someone when the lender did not care how overpriced the home was?
• Where was the moral obligation of those willing to lend money to someone when the lender explicitly knew how overpriced the home was?
• Where are the moral obligations homeowners to provide for their family the best legal means they can?
• Suppose someone could "afford" to make payments but at the expense of say health insurance or better schools? What's the moral obligation on that person?
• Does moral obligation only run in one direction?
• Should someone have a moral obligation if he signs a contract with a thief?

Want to know more, watch this video by CBS’s 60 Minutes