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Personally I'm angry at all the CITIZENS who irresponsibly caused this mess by buying everything on credit, and getting mortgages on houses they had no hope of ever affording. Sure, go ahead and blame it on the banks and the government, but the bottom line is that nobody made those people take irresponsible loans. And now people like me, who are responsible with their finances are getting hit because of the rest of you schlubs. Gee thanks.
I'm with you, ZugZub. However, the government owns a large part of the blame here. Their programs were pushed on people who wouldn't even be allowed through the door otherwise. It reminds me of those scenes at a a carnival tent and you have the fat man with his top hat and cane saying "come one, come all; everyone's welcome, come take your share of the pie, it's easy and you are guaranteed to win!". How can those who knew they could not afford a home otherwise resist the temptation?
Another thing I distinctly recalled during those times were those Dytech commercials. Again, a fat man who always 'lost another one to Dytech'. No money down, you can borrow up to 125% of the value of the home, and on and on.
It was interesting because I recall my wife and I (fiscally responsible people) went mortgage shopping. Though we were not turned down from any banks, we weren't too happy with the terms. We would watch TV at night and see these Dytech commercials, and also Lending Tree I think. Ridiculous! We thought, how can they offer these geat deals when the places we visited had nothing comparable? We ended up having to pay 25% cash down, and finance the rest and it took us weeks to negotiate a decent rate. These commercials were put on by businesses who were taking part in the government program, and had different rules to lend money because of it. Now the truth comes out.
A similar scam happens every day on TV in the US, those places who say they will get mobile-challenged people one of those scooters! They will give you one, and they will "deal" with the government. Or those medical supply stores who "do the work for you". All these business take advantage of these wasteful government programs.
Give it 15 minutes or so, and you'll know a lot more about all this than you do right now...
Sorry, but I'll take facts over a piece of dialogue. The "experiment" as you call it was a resounding failure. How you are unable to see that is beyond me.
I care a lot less about who caused what, but more about how to set things right again. My opinion is that the more bad debt gets flushed from the system, the closer we are to recovery. However, I didn't get in on the credit boom because it makes no sense to borrow more than one can pay back, or to spend more than one makes so what do I know. I have one card because it makes it easy to track all of my spending each month and there has never been a balance on it.
Personally I'm angry at all the CITIZENS who irresponsibly caused this mess by buying everything on credit, and getting mortgages on houses they had no hope of ever affording. Sure, go ahead and blame it on the banks and the government, but the bottom line is that nobody made those people take irresponsible loans. And now people like me, who are responsible with their finances are getting hit because of the rest of you schlubs. Gee thanks.
The whole base is sheer, unvarnished greed. The citizens included. But its the banks and lenders and investors and real estate agents too. Everyone had a little piece. The banks made the loans knowing that they were likely to fail, but then it wouldn't be the banks problems anymore. The agents got their commisions and so what happened later didn't matter. The people who "bought" the homes with zero down somehow expected the lottary do be theirs in a couple of years. Eveyone was in the game.
People like you are the ones who lose worse because you didn't buy into all the magic dust, but its everyone else from the govt who made it possible for such loans to exist at all who did who needs to face reality.
I'm afraid we are now in the survivalist stages of life - its everybody for themselves.
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