Actually, the Peter Principle states that people rise in a hierarchy to their level of incompetence.
Broke-- The New American Dream
- Thread starter marketsurfer
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There are plenty of responsible people with low FICO scores... for example someone who saved, lived within their means, lost their job due to no fault of their own, and then got cancer and lost everything to medical bills not covered by insurance. There's a big difference between someone like that and Stanley Johnson here:
http://www.youtube.com/watch?v=hn5EP9StlVA
Not saying lenders aren't also at fault. They are. So is the real estate industry, banks, Wall Street, politicians, etc.
No, I wouldn't loan a guy 200% with no money down and no income verification.
http://www.youtube.com/watch?v=hn5EP9StlVA
Not saying lenders aren't also at fault. They are. So is the real estate industry, banks, Wall Street, politicians, etc.
No, I wouldn't loan a guy 200% with no money down and no income verification.
Quote from ElCubano:
Responsible people dont have low FICA scores nor, by your own admission, would consider taking an absurd loan...now
How many people who have low fica scores and are not honest or responsible would take this type of loan??? I'd say a boat load....even guys specualting taking a risk with good intentions would take out these types of easy loans...
Imagine had you been able to purchase TECH stocks in the 99 bubble with no income verification and at 200% .....wow ugly...yeah let me get $300k in NTBK...
Again would you loan a guy 200% with no money down and no income verification?? Yes you would....If you were making a gazzillion dollars on the back end and you werent lending your own money....
Oops, you are correct, cannot remember the name of the other one....
Maria
If you consider this more deeply then you'll discover that the foreclosures are the end result of irresponsible lending.
Irresponsible lending was encouraged by the government in order to "stimulate the markets" and similarly now there are government handouts "to save the economy".
The government at this stage is no different from the deadbeat paying one credit card with another and then hoping that tomorrow they'll win lotto
You really think that if the executives get xxx million severance payouts while leading a company down the gurgler they are going to change their habits? Where is it that these executives are being held accountable for their actions? So why do you think that the average Joe is going to act responsible if he sees these examples?
Until fundamental changes are made to the financial institutions and lending practices, and that those responsible are being held accountable, nothing will change.
e.g.: Bring back the 30% deposit for owning a home.
Peace
M.
No argument there.
Isn't Keynes famous for saying saving money is a vote of no confidence in ones future earnings potential? That savings is actually detrimental to the individual and society?
I knew a multi millionaire pauper. It's quite sad to have that as a goal
although several relatives of this deceased gentleman are quite pleased
Surf
I knew a multi millionaire pauper. It's quite sad to have that as a goal
although several relatives of this deceased gentleman are quite pleased
Surf
Oh really? Thank you Captain Obvious for pointing out that living beyond your means is a problem. Did you ever stop to realize that this nation has been living beyond its means for decades? So what makes these average joes so special THIS time around? Please explain.
I just saw you are actually blaming democraps. That says enough, you're clueless if you think that it's a Demo versus Rep issue. Let alone that the whole two party system is one big facade for the morons.
Meanwhile, the Republicans are all innocent, the poor dears.Quote from gnome:
Without the DemoCraps initiating Affirmative Action Lending in 1999, likely NONE of this would have occurred.... criminal negligence and greed...