You are conveniently glossing over the vast majority of Americans that KNOWINGLY over borrowed. It is easy to blame big corporations because, well, they're not us, but the American people took on an investment and that was based on the assumption that the overinflated housing market would forever inflate and that they could easily borrow 300K because it would "no doubt" be worth 500K in a year or two.
All salient points, and all true (aside from the fuck me part).
However, I'm not buying into anything. People believed what they wanted to believe and the lenders and banks were happy to lie to them in order make a crap load of money. I'm against bailing those fucks out, but something does need to be done to stabilize the financial markets. I lack the knowledge to know how to fix it. I think we'd be better off buying Denmark with that money and then wiping our assses with the remaining 350 billion rather than shoring up banks with it.
Well, I retract the Fuck you. Grumble. Grumble. This whole thing _really_ pisses me off.
And I agree that any individual who intentionally falsified their application information should be prosecuted. There are laws for that. I've gotten may home loans and have had to INSIST that financial information be changed on the application over the objections of the loan officer because "it didn't matter." There are _dozens_ of documents to sign and it is far easier for the broker to snow the borrower than the other way around.
You are KNOWINGLY buying into the conservative/libertarian fuck the common man talking points. I hate people as much or more then the average American, but the fault for this situation lies squarely at the top of the food chain
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However, I'm not buying into anything. People believed what they wanted to believe and the lenders and banks were happy to lie to them in order make a crap load of money. I'm against bailing those fucks out, but something does need to be done to stabilize the financial markets. I lack the knowledge to know how to fix it. I think we'd be better off buying Denmark with that money and then wiping our assses with the remaining 350 billion rather than shoring up banks with it.
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And I agree that any individual who intentionally falsified their application information should be prosecuted. There are laws for that. I've gotten may home loans and have had to INSIST that financial information be changed on the application over the objections of the loan officer because "it didn't matter." There are _dozens_ of documents to sign and it is far easier for the broker to snow the borrower than the other way around.
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