Professor Mankiw notes here that a mortgage is a contract. What a novel idea. Does BHO, who is supposed to be a talented attorney, understand contract law? Guess not. I wonder if it's okay if I ignore the provisions of some of the contracts I've signed?
Hey, how about the "social contract" that John Locke was so keen on. Maybe we should abrogate that one, too. For a guy who's supposed to be brighter than light, BHO doesn't seem much concerned about letting contract law go by the way side. I think that is a mistake, personally.