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The 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 fo
by hugh3 17y ago
The 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 17y 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.