It's really easy to demonize *people*. Blame them, chastise them, call them stupid, irresponsible, or lacking common sense.
But look at the people pushing the loans. They *know* these people can't afford the loans. They *know* they're going to default. They *know* that people can resist that carrot though... a nice, shiny Bavarian carrot.
They're a lot like drug dealers. They're only providing a service. You can't hold *them* accountable because people aren't responsible enough to stay away from heroin, right? If people were just more responsible, there'd be no drugs. I'm sure you wouldn't mind a dealer hanging out on the corner down the street from your house. Your kids are responsible. Nobody's putting a gun to their head. If they did develop a coke habit, it's your kids problem, not the dealers. He's an innocent victim in all this, just providing a service to the stupid. After all, it's not like your kids coke habit is going to affect society in any way whatsoever.
Then they bundle these dangerous loans and sell them as securities to the unsuspecting. But hey, that's alright! Nobody held a gun to their head, did they?
It's so much easier to demonize a person though. :smh:
Originally Posted By: jimbrewer
Yeah, yeah, I know people have the right to make their own choices in life, but what benefit is there in these kinds of loans to society as a whole? I would submit very very little, and plenty of downside in the form of people who are financially crippled for a very long time.
Quoted for truth.