4 ms·
100% agree. But like most things in life this is a two-way relationship. People who live off credit, buy homes they can't afford with +30 year mortgages, buy l
by antr 13y ago
100% agree.
But like most things in life this is a two-way relationship. People who live off credit, buy homes they can't afford with +30 year mortgages, buy luxury cars with loans, etc., should also be penalised. The financial crisis was caused by a general misconduct by both financial institutions and consumers. Lets not forget that.
- scotch_drinker 13y agoThey are penalized. They declare bankruptcy, have the cars and homes taken from them and generally have a significant stain on their credit for a substantial time period. Alternatively, financial companies, especially in the 2008 crisis, receive small wrist slaps in the form of tiny fines and public rebukes while now, 5 years later, they are returned to record profits. These days, almost all of us, individuals and corporations alike, live off credit in some form. The difference between individuals and the banks is that when individuals mismanage their credit, something bad actually happens to them.
- yummyfajitas 13y agohttps://en.wikipedia.org/wiki/Bankruptcy_of_Lehman_Brothers https://en.wikipedia.org/wiki/Bankruptcy_of_Lehman_Brothers https://en.wikipedia.org/wiki/Washington_Mutual#Bankruptcy https://en.wikipedia.org/wiki/Washington_Mutual#Bankruptcy etc.