Over-extended buyers can only blame themselves for making dumb decisions and banks lending hundreds of thousands of dollars to people with no chance to pay it back can only blame themselves. Both need to pay for their poor decisions. -burn8
I wonder if you realize that this problem cannot just be covered up by printing more dollars. Eventually, you have to face it.
I agree both made bad decisions but the consumer is clearly more to blame... the banks didn't drop the ball on their mortgages, the consumer did.
your frikkin kiddin right? lending hundreds of thousands of dollars to a complete stranger without asking for collateral or verifying income is not the banks responsibility or fault?Any 5yr old knows that is extremely stupid/suicidal.
Sorry, but I can't buy this. Rather, very simply: no dn pymt, no collateral = NO LOAN = NO consumer who can't make the pymt. Has anyone ever been denied a loan in years past? Sheesh ... The banks were falling over themselves to get the free money at Mr. Greenjean's window, and they HAD to put that money to work - to who? The mortgage salesmen , who previously were pizza delivery boys, who were inundated w/ requests from wall street for mortgages, on which they could work their magic - pffft!
Do you have reading comprehension issues? I didn't say the banks were blameless, I said the consumer is more to blame than the banks. Who didn't live up to their end of the contracts? If you can't see this you're a dumbass with no sense of personal responsibility.
Using your logic, when was the last time McD was known to hand out free BigMacs? No money = no grease ...
using your logic banks shouldnt have locks on their front doors...why does the bank even bother using armored truck services...Duh. What poor fool wouldnt accept a half million bucks if somebody offered it to them without collateral or personal risk? You,i guess.