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Or anything else for that matter. |
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Name calling is not debating but it does show ignorance. |
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Absolutely. There are far too many people who don't think about what they do, but then whine about
it later. It's like the people who bought houses that they couldn't afford under the "interest
only" loan scam. Are you people that dense? You don't understand that you can't afford it once you
have to start paying on the principle? You didn't bother to... You know... ASK ANYONE?!?!?
Suck it up, you were an idiot, it's your problem, you deal with it. |
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A person who has the facts and ignores them is an idiot. A person who doesn't have the facts and
isn't told them is at worst ignorant, and a victim if they are lied to.
People who were led into Adjustable Rate Mortgages (ARMs) didn't know better. The targets of the
marketing were the poor, not the educated. The bankers are educated and should have known
not to offer such loans but did because they personally benefited from it.
For those who don't read the financial pages, the heads of banks drank their own kool-aid: They told
everyone the market would keep growing and be profitable, while spreading the risk around by selling
debt as an asset to make a profit from later.
Worse still, the heads of banks told their watchdogs, the people who prevent bad loans, to keep
giving them out to high-risk borrowers. They knew it was a house of cards but kept doing it because
they got paid and would be guaranteed of a bailout at taxpayer expense. It was a no-lose situation
for those giving out the loans.
And by the way, John McCain and his chief "financial advisor" Phil Gramm, were the ones who tried to
weaken laws governing how lenders operated. They tried to repeal the 1930 laws intended to prevent
another "Great Depression", and did it on behalf of UBS, one of the big banking firms that ate a
mountain of losses last Spring. |
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 K9  29 May 2008 19:51
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Financial products are complicated and finance companies often deliberately try and confuse
consumers as a way to lure them in. For example, they may publish a monthly interest rate instead of
an annual one.
People are busy and don't have time to do extensive research about competing products. Besides,
sometimes a borrower's circumstances change. He or she may originally have hoped to pay off the loan
quickly so the interest rate wouldn't have mattered so much. Then circumstances change, the borrower
has no job, and suddenly the payment is being made over a longer term. |
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