Their stupidity is not an excuse for a bad home loan. No one was forcing them to sign those papers. Not everyone can afford to purchase a home...no matter how bad you want it. However, I will agree....banks are pushing their product hard. Each time I bought a home, based on my credit alone, I was offered more than DOUBLE what I was asking. In one instance, I had to tell the guy that if he didn't back off, I was going elsewhere. People need to learn to live within their means....you cant push the blame away for that.
I totally agree that no one forced them to do what they did. But not everyone has the self control or level-headedness to do what they should, and the banks took advantage of that fact. The term "predatory lending" wasn't drawn out of thin air for no reason.
You can look at it this way, and I feel its a pretty good analogy: if someone gets strung out on drugs, do you place all the blame on the person for taking them, or do you place the blame on the pusher for providing them? Which side does the law fall heaviest on?
So you can just take from him since he figured out how to make billions and you didn't? Then you're no better than a back alley mugger.
It depends on the situation. There are those that work hard and honestly to achieve their success, and there are those that lie, cheat, and steal their way to the top. The former would be more apt to realize that the very people that made it possible for him to succeed might need a boost in return, while the latter would say fawk 'em and go buy an island in the Bahamas.
Personally, I feel I should reward repeat customers that do business with me. I appreciate them and their willingness to spend money with me. Sometimes I'll even take a loss, knowing that they have been loyal. To me that is the ethical thing to do. Its also good for business. I take care of them, they take care of me, we're all happy and they (almost) look forward to having to call me again.
I could easily go the other way, charge them full price every single time and charge them for every little thing I do. Undoubtedly I would make more money, if not for the simple fact that I'm just about the only guy in the entire county that does what I do. I could hold them over the coals and rake in the bucks, but I don't because its not right to treat people like that.
What recovery? last I checked the Country is still at record unemployment and people are still unsure week to week if they will be working. All that money, it's staying at home for just in case. A novel concept, planning for an unfortunate financial swing..... People flat out aren't spending. the top 1% have alot of money and from the 3-4 I know personally they aren't buying either, or the things they are buying are smaller and less expensive then before. Not every "rich" person is Walter Madoff. They feel it just like us, the more you have the more you spend. Sure they have nicer cars and a bigger house, but they have bigger bills too. One of my 7 digit buddies told me that he paid a little over 100k on taxes last year, I make 30k maybe the low end of middle class. I got back more then I paid in. I have no Kids and I don't own a traditional home. Hows that fair?
I think your argument is baised on an unrealistic stereotype and 0 fact"thumbsup"
Just for fun look up the wealthiest members of Govt and see what party they are, then in return look to see how much they give in comparison. last I looked a few years back, the Vast majority of the wealthy were the democrats and of those dems, their Charitable donations were among the the lowest, not in proportion to wealth but lowest total $$ amount.
Things aren't really getting worse, so technically we're in the recovery process. The damage has been accessed, plans are being made, but have we recovered? No. Certainly not.
How much do the 3-4 1%'ers that you know make in a year? If its the 7 figures you talked about, they aren't even close. A good friend of mine is in the 7 figure range, also a few customers, and they've had to cut back in the past couple years and watch their finances, same as everybody. I've got absolutely no ill will towards them at all. I'm talking about the 9 & 10+ figure people. The real power players, the ones that are truly recession proof, the ones that somehow made a good profit on the same thing that caused rest of us to take it in the ass.
