Fourth, “the law also holds that people who default on their loans must forfeit the property pledged as security.” Who says it doesn’t? But is it too much to ask someone to prove they own a property before taking it?

McDonald comes up with a jaw-dropping argument against that:

Forget about the oft-mentioned fact that we’re in the midst of destroying our long-held beliefs in the notion of property rights and contract law. Does anyone realize what a bunch of babies we must look like to the rest of the world?

So, concern about property rights and contract law makes us look like babies to… the Chinese et al?

What a mess.

Little guys getting thrown out on their ear without due process. Powerful interests running roughshod over the law. The industry that created the financial crisis and got trillions of dollars in bailouts while preventing real homeowner bailouts, screwing borrowers once again.

Nah, no story here.

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Ryan Chittum is a former Wall Street Journal reporter, and deputy editor of The Audit, CJR's business section. If you see notable business journalism, give him a heads-up at rc2538@columbia.edu. Follow him on Twitter at @ryanchittum.