For Whom the Bell Tolls

A reaction to this editorial of today's nytimes:

Based on a quick amortization of a loan balance and then that balance reduced by 10%, it looks like lender profits would only take a 5% hit...you can help the borrower more than you hurt the lender. And keep in mind this 5% decrease is coming out of interest...that is to say, profit. It's not like we're asking the lenders to become charitable institutions...and as long as there is potential for profitability, we should be able to get them on board. It's convincing them that 5% lower profit outweighs increased foreclosures. We are all in this together, and have to come up with a solution that works for the entire economy, and not everyone is going to like every part of it. I don't think that the "moral hazard" is that great in bailing out borrowers...their credit will still be destroyed and there will be regulations and other incentives in place that discourage this kind of borrowing.

No man is an island,
Entire of itself.
Each is a piece of the continent,
A part of the main.
If a clod be washed away by the sea,
Europe is the less.
As well as if a promontory were.
As well as if a manner of thine own
Or of thine friend's were.
Each man's death diminishes me,
For I am involved in mankind.
Therefore, send not to know
For whom the bell tolls,
It tolls for thee.
-John Donne