Moral sentiment evolved, more or less, on the plains of the Serengeti in groups numbering around 150 individuals, people who knew one another by sight. Compare that to the "sentiments" held by major corporations, corporations like Goldman Sachs that walk away from real estate deals that have gone bad, and do so without so much as a single qualm. When a major corporation defaults on a loan that has financed an endeavor that has gone bad, that's "just business." When an individual does such a thing, he's a "welcher."

I think the smart individual plays by two sets of rules. If you borrow from a person, play by the rules that have existed from time immemorial. But if you borrow from a corporation, play by the same rules they play by -- do what's good for you. You have to realize that these are two very different environments. To do otherwise makes you a sucker.