Originally Posted by
Carl Spackler
Totally agree here with every word.
But for the first 10 years after high school graduation, I was one of those poor sots that didn't even have a credit score because I was so broke. It was southern California in the late seventies when real estate was going straight up. I had buddies willing to "hook me up" and get in on it even though I couldn't afford it. I didn't do it. Why? Because I couldn't afford it unless my income never went backwards. All my old buds went broke in the 80's when socal real estate went bust.
The moral of this ever repeating story is simple. If you can't afford it, don't buy it. If you buy it anyway, it's your own damn fault. There will always be financial instruments available to give you the dreams you can't afford. If you fall for it, it's your fault.
Carl
While personal responsibly plays a big role in this so does systemic corporate greed starting with predatory lending, favored by federal laws, that encouraged mortgage brokers to sell sub prime loans to those they knew couldn't afford them because of higher commissions knowing they would unload those loans to bigger lenders who then created derivatives they knew were toxic to pass the buck further while selling them and shorting them at the same time.
I can forgive individual stupidity more than I can a deliberate, systematic fleecing of the population. Too bad there is not capital punishment for financial crimes although a few have had the good sense and moral compass to off themselves.
There is plenty of blame to go around on this one.