Quote:
Originally Posted by J pold
I'm not for the big bonuses and people have every right to be upset about that. But the fact remains if you don't bailout the banks the American people suffer MUCH worse than they are or have. We are talking about unemployment levels in the high teens, banks runs, people losing their entire life savings, like I said earlier worse than the 1930's.
And yes I agree with the terms fraudulent and predatory in describing some of the loans made (ie. NINA) but it takes two to tango. I'm fine with bankers being dolled out the loins share of the blame but the consumer has some discretion and should bare some of the responsibility, without them they loans don't get made in the first place.
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Well, first and foremost the government should be blamed simply because they deregulated the market and allowed this to happen. Of course, considering the history Larry Summers has with the US government, I often wonder why they brought in deregulation.
Is the consumer responsible for electing a government that deregulates the financial industry? Maybe, but most of us aren't educated enough. For me, I've read a crap load of stuff about the bailout, how it worked and what was involved, and I still don't completely understand it. Things like toxic assets and derivatives are foreign to me, so I can't imagine what other people who have little to no interest in how this stuff works get by.
But, I think the whole bailout and crash exposes what I think is a common problem within the US government. Too much influence from lobbyists. I bet the same crap is happening with the defense contracts being handed out to companies like Boeing. I don't even what to know what kind of under the table stuff is going on.