Quote:
Originally Posted by Michael
I don't want to get into the blame game. I just would like to see us get smart enough to prevent this from ever happening again. Blaming this 100 percent on the borrowers is denial of the basic problem. It is like putting a group of little kiddies in a room with a big cookie jar with the lid off and expect them not to go grab a cookie. The loans were not only being offered, they were the preferred type of loan of lending agencies because of the potential for longterm, high interest rate entrapment of customers.
Ultimately you have to credit that there are some critical factors that will impact everyone with a recessession. This is in the same category as the stock brokers buying and selling oil to make a profit and jacking up the price of gas at the pump to DOUBLE causing runaway inflation and national economic hardship. There are limits to GREED that must be imposed.
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Companies exist to maximize the profits of their shareholders. They have no legal duty to the community, society, or God himself, they exist to make profit. If you don't like what they're offering at the price at which it is offered, don't buy it. Acting like the ADULTS who took subprime AIR loans are children in need of protection does one thing and one thing only; it creates a society in which NOBODY is willing to be responsible. Nobody put a gun to their heads to make them sign the contracts, the banks simply gave them options, many of which were VERY, HORRIBLY BAD DEALS, but deals in which all of the information concerning interest rates and adjustments was explained. If they didn't understand it, or didn't read it, then THEY SHOULD NOT HAVE ACCEPTED THE LOAN. Playtime is over boys and girls, time to be grown-people.