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Don't bother feeling sympathy for the banks; it's their own fault for granting very large loans to people they knew couldn't pay it off (or to people who they d
by delluminatus 16y ago
Don't bother feeling sympathy for the banks; it's their own fault for granting very large loans to people they knew couldn't pay it off (or to people who they didn't know could pay it off, at least).
Besides, they're a business. They lose some money? The person loses their HOUSE. I'll feel sorry for the banks when the U.S. government forcibly evicts them from every single one of their physical properties.
- hugh3 16y agoThe person loses their HOUSE It's not their house, it's the bank's house. The bank bought it for them, and all they were obliged to do was pay the bank back for it over a period of decades. They didn't live up to their end of the bargain.
- noonespecial 16y agoI think the backlash is coming from the fact that the "social contract" (if I may blatantly abscond with the term) between lenders, employers, and government regulators didn't live up to its "end of the bargain". The promise to pay made by borrowers was made against the banking industries' promise to uphold a certain level of professional conduct. The undercurrent of perception that's been created "when they fail they get a bailout, when you fail, you get screwed and pay for their bailout" is far more dangerous than most politicians and investment bankers realize.