Ok who is to blame for this mess? Is it the guy who had condos for sale? I don’t think so.
I think it’s more than likely the greedy, morally delinquent, soul sucking, power mad men (yes, I said MEN) who were in the position to sucker anybody and everybody who would listen to them.
I’m no financial guru — let’s just be totally honest here. While I took economics in college and accounting, I’m making 40K a year as a DBA. Not poverty level, but certainly no moneybags, either, yet *I* managed to not get drawn in.
Adjustable rate mortgages looked like a scam from the get-go. What honest, responsible banker would have EVER recommended such a gamble to people who were already on the financial edge? To me, that was just totally irresponsible!
And all the moaning and groaning, finger-pointing and blame-laying that’s going on! My GOD people! Get a grip! You screwed up — face it — now get ON WITH YOUR LIFE!
As for enacting legislation, putting in place oversight committees, etc., well guys, if you couldn’t reign your greed and keep yourselves honest then why should you expect those whom you shafted to foot the bill to make you walk the straight and narrow. I say, if you are one of the ones who made money from this mass shafting of the vulnerable then you should be banned from ever conducting business of this type again — so Mr. Banker — if you loaned money on adjustable rate mortgages, Mr. Broker, if you sold them then guys, you need to find another job — YOU’RE FIRED!
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