Bankruptcy filings increase...
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Quote from Reaver:
Doesn't matter if they even if they forgive 50% of the principal balance. Hell they could forgive 75% of the balance.
The people in these situations will immediately figure out a way to get right back to where they are now.
One way or another, they will totally and completely max out any and all lines of credit available to them.
They plan to help cure the irresponsible of their credit addiction by...offering more credit?
All this proposal would do is destroy the government and this country's economy even more, but take us right on back to the same place we are now. Except we'd all be (even) worse off than we are now.
The problem is credit addiction and greed. You can't cure that unless you cut off the supply.
Think of these idiots as you would a junkie. Same concepts apply (smack=credit)
In the EOD banks have only themselves to blame. They wanted to make more money & got burnt on most easily foreseeable of outcomes. As you said yourself, to some people credit is like crack to a junkie, banks know that, so why blame a junkie?
Quote from Reaver:
Doesn't matter if they even if they forgive 50% of the principal balance. Hell they could forgive 75% of the balance.
The people in these situations will immediately figure out a way to get right back to where they are now.
One way or another, they will totally and completely max out any and all lines of credit available to them.
They plan to help cure the irresponsible of their credit addiction by...offering more credit?
All this proposal would do is destroy the government and this country's economy even more, but take us right on back to the same place we are now. Except we'd all be (even) worse off than we are now.
The problem is credit addiction and greed. You can't cure that unless you cut off the supply.
Think of these idiots as you would a junkie. Same concepts apply (smack=credit)
unfortunately the premise of a statement like this and others like these is/are:"
- the lenders were completely honest and innocent and not
- incentivized to push high commission, horrible term loans on
- unsuspecting homeowners, not sophisticated enough to expect
- that their bankers, mortgage bankers, mortgage brokers taking advantage of honest families of all educations and backgrounds
- and using these against them, through bait and switch schemes
- hidden fees, higher commission payments for steering loans into subprime pools
- and a myriad of other behind the scenes dishonest, and fiscally irresponsible business conduct that helped significantly
- produce this sub-prime mortgage crisis
let's not forget those stated testimonials from Congressional hearings that are part of the public record, as well as recent televised hearings....
let's not forget all those contributing factors that took on the tone of racial superiority of the lender over those whom were targeted, and received these higher fee loans
let's take the conservative approach and just blame the homeowners and the indebted poor souls....
yeah,
that sounds better,
let's just blame them for their stupidity....
I can tell you this, in the UK it is relatively easy to deceive a financial institution. Why? Because the documents that they ask for can be easily made to order & banks don't check their authenticity. Why they don't check it beyond me. Secondly, it is a hell of a lot easier to build credit history than ever before (in UK at least). You get Capital One $400 credit card easy, spend & cover balance for 12 months. After that even the Queen will be willing to lend funds to you nowadays. If you implement ordering non-legit payroll docs then your line of credit grows exponentially as banks don't check anything pretty much, they just trust what they are given, hence the mess we are in at the moment, partially anyway.
these are some profound statements that any / most Sociologist(s) would say betray some strong illusions on your part. illusions of superiority that is not really based on truth, fact or accomplishments.
I hope that these don't get in the way of your sucessful trading efforts, in all sincerity, not that we know each other or trade on the same desk, but who really knows the person sitting next to them.
Just temper them with the understanding that before, we as traders were able to endulge ourselves in this lucrative profession, we were recruited from among those very same peoples you so trashed with your description....
these were the same peoples that benefited from better educations and colleges and professors and shaped us into our arrogance, privilidge and such...
these are us. so then, would the same expectations apply to us, more educated ones?
who's to say, but temperance and respect of others is key to one's own advancements and is what the American experience is based upon, not the stingy, stale, elitest european disdane for the less fortunate...