Especially with the way we as tax payers have asked our future generations to pay off the debt by having the govt partially insure our personal debt.
This issue is TOTALLY independent of whether anyone defaults. If the government wants to keep banks afloat that are issuing bad loans, that is their own fault and is not free-market capitalism. If those banks fail, other banks should be able to buy them out at a discount (think Whitney/Hancock merger).
And if you have the ability to pay and walk away, you really are just fricking yourself as not all states are nonrecourse states and your credit will be shite.
This is a personal decision making indicative of someone's intelligence, not morality.
People who default just because they can are like people at the airport who need a wheelchair to board the planes but are miracally cured by the time they land. Congrats on fricking your neighbor and the airlines.
Pretty much the most inaccurate analogy ever.