Reply to What I don't get: When people complain that they are drowning because their house is underwater

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Reply to "What I don't get: When people complain that they are drowning because their house is underwater"

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[quote=Anonymous][quote=Anonymous][quote=Anonymous]it is the bank's fault. They loaned the money and didn't turn down the people that couldn't afford and also rated mortgages as non risky when they were a risk. So what happened was prices went down because everyone defaulted who should never have gotten the loan to being with, increasing the inventory and driving down prices. FUCK THE BANKS, too big to fail my ass I want them all to fail.[/quote]

Banks were definitely greedy as hell, and knew they struck gold with creative financing.  But come one, you're telling me that people are just ignorant of their finances?  They were being greedy as well.  Both parties were at fault.[/quote]

I always find this attitude to be a bit puzzling:  you've got a multi-hundred billion dollar industry that is entirely oriented around mitigating risk while lending money on the one side, then on the other, you've got some schlub who probably has a hard time doing his taxes.  In that context, sure you can argue "both parties were at fault".  But one party is about 99% at fault, and the other 1%.  Which one should we completely insulate from the consequences of their *professional* malpractice?  Of course, it should be the banks.

Just irrational--and morally convoluted.[/quote]

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