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Creator of subprime loans passes away

Discussion in 'Sports and News' started by poindexter, Mar 18, 2008.

  1. 93Devil

    93Devil Well-Known Member

    But we make certain things in this country illegal (pyramid schemes for example) because they are not good for the people of this country.

    Subprime loans should have fallen into this category.
     
  2. The Big Ragu

    The Big Ragu Moderator Staff Member

    I'm not understanding this mentality... Subprime loans that ballooned were stupid for the people who made the loans and they were stupid for the people taking loans they couldn't afford to pay back.

    At what point, though, is there ANY personal responsibility for stupid behavior, rather than it being someone else's fault? No one forced anyone to take a loan they couldn't afford--with the exception of people who had high enough credit ratings to get a normal fixed or adjustable mortgage and were still steered toward subprime loans. And even though that is slimy on the lenders' part, at what point are people just stupid for not shopping around and getting the best deal they could on a mortgage and only committing to something they could actually afford?
     
  3. JR

    JR Well-Known Member

    Of course governments don't have the responsibility to protect their citizens against grifters and scam artists.
     
  4. Pastor

    Pastor Active Member

    One of the buffers that exist in America to protect the borrower is Sallie Mae. Shortly after Bush took office, he neutered them to the point that they were unable to help anyone when the mess first came down.

    No, it isn’t Bush’s fault that everything hit. However, his policies did not help and in some ways they simply hurt.

    People are fairly ignorant when it comes to money and financing. Credit cards have sort of made us this way. Sure, people can calculate what comes in against what goes out, yet there are many people that just don't do it properly.

    I would absolutely love it if high schools in this country began teaching a financial accounting class that drilled this shit home. Too bad people are pissing and moaning about cramming in bullshit ideas like creationism...
     
  5. Jones

    Jones Active Member

    I think if an financial system is being put in place that risks pushing a country into economic collapse, then the government should probably do something about it.

    For me, this isn't much different than drugs... Cops will tell you, the problem isn't users, it's dealers.
     
  6. It's funny how things change. Five or ten years ago, Roland Arnell is a hero for allowing poor folks a shot at the American Dream. Quit throwing your money away to those evil landlords! Everyone -- even people with low income who can't pay their bills on time -- DESERVE to own a home! Struggling neighborhoods will come back once people stop renting and realize the PRIDE of home ownership!

    A lot of people knew -- and said -- it was all hogwash, but of course that was because they hated poor people, freedom and America.

    There's no such thing as a free lunch. Virtually every economic ailment -- micro or macro -- can be traced to people thinking that axiom doesn't apply to them.
     
  7. JR

    JR Well-Known Member

    You're right.
    There's no free lunch but people have a basic assumption that the soup ain't poisoned.
     
  8. poindexter

    poindexter Well-Known Member

    LOL

    You are right.
     
  9. JR

    JR Well-Known Member

    The corollary to all this is: "If something sounds too good to be true, it probably is"
     
  10. poindexter

    poindexter Well-Known Member

    There can be more than one party "gaming" the system at the same time.

    Lenders did it.
    Appraisers did it.
    "Homeowners" did it.
    Investment Banks did it.

    There aren't a lot of sympathetic characters in this mess as the American financial system goes down the shitter.
     
  11. dixiehack

    dixiehack Well-Known Member

    The same people bitching about the evils of subprime loans are the same ones who, 10-15 years ago, were leading the bitching against redlining low-income neighborhoods.

    People are vilifying a tool, when their wrath is more properly directed at those who misuse it.
     
  12. Batman

    Batman Well-Known Member

    Except, of course, the responsible folks who didn't take out loans they couldn't afford, but are caught in the swirl anyway when their retirement fund and employment prospects tank along with the rest of the stock market.
     
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