Villains in the Mortgage Mess? - Page 2 - Political Fever

Finny · #11 (**permalink**) 06-09-2008, 01:32 PM

Quote:

Originally Posted by ViolaLee

The villains are the deregulators = the Republicans.

One villain is McCain's economic advisor, Phil Graham, a guy McCain would appoint to Treasury secretary.

If that's not a good enough reason to vote against McCain, I don't know what is.

McCain economic policy shaped by lobbyist - Countdown with Keith Olbermann - MSNBC.com

You know it was a Bi-Partisan bill signed by Bill Clinton right?

Space_Coyote · #12 (**permalink**) 06-09-2008, 01:38 PM

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.

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.

Space_Coyote · #13 (**permalink**) 06-09-2008, 01:41 PM

Quote:

Originally Posted by Birdzeye

I agree. The past few years, what we've seen in this country is a greed is good mentality, to the detriment of a lot of people.

Tell me, what motivated Europeans to sail the Atlantic to North America? What prompted the industrial revolution? Personal Computers? Greed is a wonderfully motivating force that drives human development, and so long as laws insuring against force or fraud exist, it is merely a symptom of an evolving human species to seek profit from time, labor, and capital.

Birdzeye · #14 (**permalink**) 06-09-2008, 01:45 PM

Quote:

Originally Posted by Space_Coyote

Tell me, what motivated Europeans to sail the Atlantic to North America? What prompted the industrial revolution? Personal Computers? Greed is a wonderfully motivating force that drives human development, and so long as laws insuring against force or fraud exist, it is merely a symptom of an evolving human species to seek profit from time, labor, and capital.

You just proved my point. I guess conservative "values" don't include the idea that one shouldn't harm others, or society, in one's quest for MORE (which is what greed is, not the examples you gave). One cannot compare the mortgage broker who arranged a subprime mortgage for a comission with the inventor(s) of personal computers.

Space_Coyote · #15 (**permalink**) 06-09-2008, 01:49 PM

Quote:

Originally Posted by Birdzeye

You just proved my point. I guess conservative "values" don't include the idea that one shouldn't harm others, or society, in one's quest for MORE (which is what greed is, not the examples you gave). One cannot compare the mortgage broker who arranged a subprime mortgage for a comission with the inventor(s) of personal computers.

Yeah, you can. Why do you suppose Bill Gates got into the computer business? His mansion and fleet of cars should be an indicator. Bankers want you to spend your money in interest, just like......ta-dah, CREDIT CARD COMPANIES. If you're dumb enough to do it, they have a right to sell you that service.

Birdzeye · #16 (**permalink**) 06-09-2008, 02:03 PM

Quote:

Originally Posted by Space_Coyote

Yeah, you can. Why do you suppose Bill Gates got into the computer business? His mansion and fleet of cars should be an indicator. Bankers want you to spend your money in interest, just like......ta-dah, CREDIT CARD COMPANIES. If you're dumb enough to do it, they have a right to sell you that service.

Bill Gates sells a product that's full of security holes.

The credit card companies have made a cottage industry out of finding new excuses to wring more money out of their customers, including the ones who pay their bills on time.

Space_Coyote · #17 (**permalink**) 06-09-2008, 02:21 PM

Quote:

Originally Posted by Birdzeye

Bill Gates sells a product that's full of security holes.

I agree, but WHY does his company make computers? Altruism? I'm thinking profit.

Quote:

The credit card companies have made a cottage industry out of finding new excuses to wring more money out of their customers, including the ones who pay their bills on time.

And yet millions of people still use them to buy things they don't need, aint life swell? I have NEVER had a credit score in my life (well, my house is giving me some leverage I guess) because using credit is STUPID unless it is a guaranteed appreciating asset (like education, or a home purchased on an FR mortgage). You can't blame a company for exploiting its customers, that's the idea. How long do you think Zales would be in business if mass media didn't tell men that women need jewelry to be happy? True or not, it gets us in the door dropping way too much money on shiny rocks and metal.

Birdzeye · #18 (**permalink**) 06-09-2008, 02:31 PM

Quote:

Originally Posted by Space_Coyote

I agree, but WHY does his company make computers? Altruism? I'm thinking profit.

And yet millions of people still use them to buy things they don't need, aint life swell? I have NEVER had a credit score in my life (well, my house is giving me some leverage I guess) because using credit is STUPID unless it is a guaranteed appreciating asset (like education, or a home purchased on an FR mortgage). You can't blame a company for exploiting its customers, that's the idea. How long do you think Zales would be in business if mass media didn't tell men that women need jewelry to be happy? True or not, it gets us in the door dropping way too much money on shiny rocks and metal.

There is a difference between making a nice tidy profit and unbridled greed. We are seeing a lot of the latter these days, when the cost of necessities skyrockets to a point where it harms consumers' finances and they are powerless to fight back.

Space_Coyote · #19 (**permalink**) 06-09-2008, 03:24 PM

Quote:

Originally Posted by Birdzeye

There is a difference between making a nice tidy profit and unbridled greed. We are seeing a lot of the latter these days, when the cost of necessities skyrockets to a point where it harms consumers' finances and they are powerless to fight back.

It is the consumers' jobs to check such greed BEFORE it becomes a problem. Alas, convenience led many Americans to put themselves so hopelessly in debt that they have been unable to check such greed for lack of the finances necessary to find alternatives. They dug the hole themselves, they can climb their way out of it.

Birdzeye · #20 (**permalink**) 06-09-2008, 03:31 PM

Oh, I've checked such greed over gasoline prices, but what can I do, besides quit my job and go live in a cave? Public transit's not available in my area to my office.

Pinning all the blame on the consumer for the economic problems of today is bogus. Consumers are being taken to the cleaners by greedy merchants who are charging an arm and a leg for basic necessities.

Thread Tools
Show Printable Version Email this Page
Display Modes
Linear Mode Switch to Hybrid Mode Switch to Threaded Mode

Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)

User Name		Remember Me?
Password