Friday, October 15, 2010

Lets hear it for the bankers, hip hip ……….

It's time to stop blaming the lenders

Before we take the entire banking industry to task on the foreclosure mess, it bears reminding that the source of the problem is people who bought homes they couldn't afford. Let's blame them, too.

Posted by mark @ 03:52 PM (1290 views)
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7 thoughts on “Lets hear it for the bankers, hip hip ……….

  • that’s right – they may have marketed the hell out of home loans to society’s most vulnerable – but they didn’t hold a gun to their heads.

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  • I’m not sure. What with everyone in the media saying “buy, buy, buy” perhaps those who naively took on too much debt can be forgiven to some extent? Just as in the UK, the myth which proliferated – and is starting, thankfully, to be dismantled – was that buying property is not just securing permanent shelter, but also a long-term investment which, crucially, COULD NEVER FAIL!

    Take smoking for instance. What about the doctors in advertisements who, as late as the 1950s, proclaimed the health virtues of tobacco? They caused people to take up the habit somewhat innocently. The below advert pretty much promises immortality caused by habitual nicotine inhalation:

    GOOD cigarettes

    Following the fallout of the The Greater Depression, are we going to see debt warnings analogous to this delicious depiction?

    BAD cigarettes

    SMOKE! 😉

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  • Second image fail… retrying…

    Following the fallout of the The Greater Depression, are we going to see debt warnings analogous to this delicious depiction?

    BAD cigarettes

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  • Ummm, maybe we should have let the banks fail rather than bail them out. How is it that householders can lose their house if they don’t keep up repayments, but a bank that loaned recklessly gets bailed out by the taxpayer. Heads they win, tails we lose.

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  • “He made me loan him the money, your honour.”

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  • Talk about blaming the victim.

    Everyone in the financial sector wanted to see the boom extended. They would not have gotten what they wanted without extending the credit to those who couldn’t really afford houses.

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