Originally Posted by
Fly4hire
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.
I don't disagree that those things happened. Just like I don't disagree that people attempt to scam other people into achieving dreams they can't afford. Sadly, that will always be with us. But all of the above would have been impossible without the buyer's signature on the dotted line promising to repay.
A scam is bad enough when you've been truly fooled by the scammer. But when you already know it's over your head, but you do it anyway because of your own greed to obtain more than you can afford, there's a lot less sympathy in my view. And when you walk away from it afterwards and put your bad judgment on the backs of those of us who DO pay their bills, one could argue that person is no different than the scammer who scammed them.
Carl