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50 states. 50 unique foreclosure laws. Not a dang thing FRB could have done about it when the ship hit the fan.
Creating relative stability and avoiding a global catastrophe carried a higher value than seeking to punish.
You might think so, but tens of millions of responsible mortgage payers got screwed. And a LOT of seeds of discontent have been sown. Largesse Lizzie is repeating the same mistake.
Father: "Am I gonna get my money back?"
Largesse*Lizzie: "Of*course, not!"*
Father: "Those of us who did the right thing get screwed."
You might think so, but tens of millions of responsible mortgage payers got screwed. And a LOT of seeds of discontent have been sown. Largesse Lizzie is repeating the same mistake.
Father: "Am I gonna get my money back?"
Largesse*Lizzie: "Of*course, not!"*
Father: "Those of us who did the right thing get screwed."
This is what I meant when I said the personally responsible people are in the same boat with the irresponsible ones, and if you allow the irresponsible to have their way, you will sink with them.
That's why the arguments like "banks are not forcing anyone to take the money" are naive at best.
I've got a couple of cards and in the last 3-6 months received notices that my limits had been increased. My balances are still the same though, ZERO. Don't be dumb, we live in a world with an illusion of freedom and the reality of "the golden rule". All you can do is vote for a party that gives you a little bigger sliver of the pie.
And drug dealers dont force anyone to buy drugs either. [snip]The "personal responsibility" argument comes across awfully naive when you are in the same boat with the irresponsible folks.
do you advocate government require you exercise 40 minutes a day, maintain a normal bmi, eschew certain foods, drinks, activities in order to have health insurance?
do you think government should regulate your personal choices? I do not. I prefer americans make our own choices and take "personal responsibility" for those choices.
Last edited by texan2yankee; 01-27-2020 at 02:45 PM..
do you advocate government require you exercise 40 minutes a day, maintain a normal bmi, eschew certain foods, drinks, activities in order to have health insurance?
do you think government should regulate your personal choices? I do not.
No, I do not advocate such things.
It seems you are not getting the point. What other people eat does not harm me, but when the actions of irresponsible people hurt me / damage / infringe on my life (and the nation as whole) then there is a problem. Even libertarians would agree while an anarchist would disagree.
Quote:
I prefer americans make our own choices and take "personal responsibility" for those choices.
That's the point you are not getting. When the irresponsible sink the ship YOU go down with it, so it is not only them who will be forced to take responsibility of their actions, but you too. You will be forced to take responsibility for their actions. Everyone took a hit in 2007-08, and that included those who had been responsible.
What other people eat does not harm me, but when the actions of irresponsible people hurt me / damage / infringe on my life (and the nation as whole) then there is a problem.
70% of americans are overweight. 35% are obese. diabetes, heart disease, cancer are all correlated to being overweight in every study I've ever read. these health issues do impact you if you pay for health insurance and health care for "irresponsible people".
Everyone took a hit in 2007-08, and that included those who had been responsible.
Not all. The 2008 crash formed the basis for the best buy low opportunity in my 40 year investment career.
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