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Again.....you ignored my question asking if you've ever signed any document from a lawyer, doctor, accountant or other expert that you trusted based upon their expertise that they were looking out for your best interest but didn't read or understand every single word ? To say you can't have a house, a medical procedure, an audit or a legal matter resolved until you are "mature" enough to be able to read and understand everything in detail is just absurd. We rely upon experts to guide us through what we don't know or understand....apparently you are the sole person in the world who so intelligent that they never require guidance from an expert. I salute you !!!
I never said I have never hired a professional to guide me with anything so not sure where you got that from.
Of course I read and understand things before I sign them. If I hire people to assist me with documents etc. I ask them questions to make sure I understand before I sign documents. No-I don't blindly sign something just because I hire a professional. I am really surprised that what I do is so uncommon. But then again so is personal responsibility these days.
This has nothing to do with intelligence like your little dig tried to imply. It has to do with common sense.
you're right. The lenders can go to hell to. But you shouldn't reward people who bit off more than they could chew on the other side as well. Whatever bad transactions lenders and borrowers did, leave it to them to sort it out. They can both go bankrupt. Leave the taxpayer out of it. All this talk about predatory lending makes it out like the person who borrowed too much money is the victim. Sad story indeed. But why pass off the consequences on the innocent bystander?
At what point did I suggest that taxpayers should be punished ? On the contrary, I've stated precisely the opposite on several occasions. Feel free to review my posting history ...
I never said I have never hired a professional to guide me with anything so not sure where you got that from.
Of course I read and understand things before I sign them. If I hire people to assist me with documents etc. I ask them questions to make sure I understand before I sign documents. No-I don't blindly sign something just because I hire a professional. I am really surprised that what I do is so uncommon. But then again so is personal responsibility these days.
This has nothing to do with intelligence like your little dig tried to imply. It has to do with common sense.
You understand them as they are explained to you.......did you ever stop to think that while there was an explanation given by the lender that it might not have been as in depth as needed.....that perhaps through greed the positives were highlighted while the negatives were glossed over by those doing the lending......it would seem to be hard to believe that millions and millions of borrowers all misunderstood the details of a sub-prime mortgage so completely. As much as you wish to place everyone on a level playing field the poorly educated and poor are at a disavantage....not that they don't share some responsibility in this.....but there will always be those that need a little extra attention.....a little honesty and integrity by those in business today would go a long way to erase this type of sad situation.....from the President to the oil companies right on down to the lowest scamer who makes their living scamming the little old lady out of her life savings. No wonder our image has fallen so far in the eyes of the world.
Could we maybe just limiit any bailout to those that never re-fied and took profits from equity?
I say couldn't we limit the bank bailout? It may approach 4 trillions. Aren't the banks more responsible for where we are now? Let's not lose perspective.
Much worse. But the American people voted for Socialism, and now they have it. So no bitching now
I didn't vote that way... so I'm going to continue to *****! I only wish the majority didn't get caught up in all the hype and voted the way they did. Did they really understand who and what they were actually voting for? I don't think so based on some recent comments I have heard.
It's too late now. I guess we'll have to wait four more years for the pendulum to swing back.
I say couldn't we limit the bank bailout? It may approach 4 trillions. Aren't the banks more responsible for where we are now? Let's not lose perspective.
I'm onboard with you on the bank bailout. Auto companies, too. Thanks for the definition you provided.
Marc explicitly said "there is no such thing as predatory lending". I was addressing that.
No. One of many.
The main cause of this was an asset bubble and an accompanying credit bubble.
This tended to encourage reckless lending and borrowing, but these were effects of the asset bubble, not causes.
Thanks for the great reply. We seem to be fairly close in agreement on this. The main disagreement with have is the proper assignment of responsibility.
And I don't think either of us will change position on that, LOL!
The main cause of this was an asset bubble and an accompanying credit bubble.
This tended to encourage reckless lending and borrowing, but these were effects of the asset bubble, not causes.
I am not sure what this means. Then what caused the bubble? Or it just happened by itself
The asset (housing) bubble was caused by low lending standards, low interest rates, and of course speculation among other things. There wouldn't be a bubble without those. You are confusing effect and cause.
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