Richest Man in the world blames banks for recession (loan, interest rate, credit card)
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I'm not the richest but I put a lot of the blame on ignorant people who don't understand credit and let themselves get in way too big a hole. Have we done such a bad job teaching our children ?
Getting a credit card used to be a difficult thing and meant you had good credit. Maybe we'll get back to that requirement.
Stupid people. Banks hold some liability in this mess. For awhile there, the thinking was "when the ARM adjusts, we'll just sell for a huge profit." Any intelligent person could see this thinking could create a bubble. Nobody wanted to believe it. Their believing it now.
That article does not say that he blames the banks for the recession. He says banks need look to no one but themselves for blame, but doesn't specifically say for what. I read it to mean that they had no one to blame FOR THEIR OWN PROBLEMS than themselves. The ecession as a whole is not addressed in that quote.
I'm sure Buffet is smart enough to understand why banks took on to much risk. When the banks begin to loan money that isnt their, but government tax payers, then the banks lose any interest in making sure that they are loaning out funds safely.
Everyone is saying that the credit crisis took us into recession.
Blame for the sub-prime crisis lies at the feet of banks who took too many risks in mortgage lending, U.S. billionaire investor Warren Buffett told newspaper El Pais in an interview published on Sunday
"The banks exposed themselves too much, they took on too much risk .... It's their fault. There's no need to blame anyone else," he said.
Quote:
Originally Posted by Bill Keegan
That article does not say that he blames the banks for the recession. He says banks need look to no one but themselves for blame, but doesn't specifically say for what. I read it to mean that they had no one to blame FOR THEIR OWN PROBLEMS than themselves. The ecession as a whole is not addressed in that quote.
I'm not the richest but I put a lot of the blame on ignorant people who don't understand credit and let themselves get in way too big a hole. Have we done such a bad job teaching our children ?
Getting a credit card used to be a difficult thing and meant you had good credit. Maybe we'll get back to that requirement.
So your saying if you approach a doctor for a diagnosis and you get the wrong course of treatment/medication, it's your fault ? The doctor who has years of training and should recommend a proper Dx for your particular ailment shouldn't be held responsible ?
So your saying if you approach a doctor for a diagnosis and you get the wrong course of treatment/medication, it's your fault ? The doctor who has years of training and should recommend a proper Dx for your particular ailment shouldn't be held responsible ?
I'm wise enough to not let myself get buried in credit card debt, car loans or purchase more home than I can afford. Is that too hard a concept for the average person?
If I do take advantage of every bank, credit card offer, car dealer that offers me credit is this their fault or mine if I abuse the system ?
I agree that 20 years ago banks and lenders were much more prudent in offering credit to the individual. Neither party is blameless but it still goes back to personal responsiblity for ones actions.
So your saying if you approach a doctor for a diagnosis and you get the wrong course of treatment/medication, it's your fault ? The doctor who has years of training and should recommend a proper Dx for your particular ailment shouldn't be held responsible ?
ok....whatever u say !
If a doctor is telling me that I have a broken leg, and I'm in his office because my stomach hurts, I think I'm smart enough to know that the doctor is wrong.
If I'm financing homes at ARM, I'm also smart enough to know that at some point, the interest rate will adjust. Assuming that a rate will not reset sometime within 30 years is fullish, and putting all of the blame on the banks, without some home owners holding responsibility for their own finances is unreasonable.
If a doctor provides a wrong diagnosis, and I allow that diagnosis to sit without getting a 2nd opinion, then I will be likely to die. Why would I not expect the same when it comes to financial issues?
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Just say no
