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Black monday coming up?
ChadTower:
--- Quote from: Level42 on October 07, 2008, 11:53:16 am ---Screwing the guy on the other side of the table is one thing, but bank people should have known that it would back-fire on them. But those who did this are out for the quick-buck, not long-term profits.
--- End quote ---
Yet the guy at the table made his money. He wrote up a loan, signed it, received his processing fees. Then his boss packaged it up with 150 other loans and sold it for a profit. Then that package got packaged with 1500 other loans and sold to someone bigger. Then that package got packaged with 15000 others and sold to someone bigger. This is why the biggest fish are the ones that are dying and not the middle or small fish.
There is still some accountability for the person who bought a house with a loan they did not sufficiently comprehend. Victim isn't the right word here - victimization usually implies lack of consent or outright deception. There just wasn't enough of either in most cases. All parties are at fault. I will never be convinced that someone making $3000/month had trouble understanding that a $2200 mortgage payment was a bad idea. They took gambles that certain things would happen and it failed.
SavannahLion:
--- Quote from: ChadTower on October 07, 2008, 12:00:00 pm ---There is still some accountability for the person who bought a house with a loan they did not sufficiently comprehend. Victim isn't the right word here - victimization usually implies lack of consent or outright deception. There just wasn't enough of either in most cases. All parties are at fault. I will never be convinced that someone making $3000/month had trouble understanding that a $2200 mortgage payment was a bad idea. They took gambles that certain things would happen and it failed.
--- End quote ---
To my chagrin, there are a suprisingly large number of people I've encountered earning at least twice what I earn with a third of the brain power. It's rarely ever what you know, it's who you blow, that puts morons into high paying positions with no understanding how to manage that disposable income.
So when you take a person(s) with such income, combine it with a society currently built upon instant gratification and educated with ever lowering standards (it's not their damnit!!), you're bound to get someone falling off that bad loan bandwagon.
ChadTower:
That eliminates their personal accountability how, exactly...?
I work with some people so stupid I suspected at one point one of them is tommy. Doesn't mean they aren't responsible for their decisions.
shmokes:
--- Quote from: ChadTower on October 07, 2008, 08:41:01 am ---
People who don't understand a contract should not enter it.
--- End quote ---
You know who else shouldn't have been entering those contracts? The people who do understand them. Knowledge is not irrelevant. It is the difference between manslaughter and murder. Between negligence and battery. Which brings me nicely to . . .
--- Quote from: shardian on October 07, 2008, 06:26:06 am ---So your saying the person too stupid to take personal responsibility for their actions deserves a free pass? Sorry, but that is the ---smurf-poop---.
--- End quote ---
There's just no way that you could have interpreted my post to mean that after a fair reading. You either misread my post or decided to respond with a straw man. Manslaughter carries serious penalties. But the murderer gets slapped harder.
shardian:
I re-read your post, and see your point.
Rape is not an appropriate word though. Let's go with "unexpected rough sex". Much more appropriate since one person knows what's going down, and the other also knows what's going down...but not in the way they expect it to. ;)
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