Quote:
Originally Posted by Splum
Americans signed on the dotted line, whose fault is it now?
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Yes, borrowers deserve some blame, but since when has the banking industry in this country been "buyer beware".
You have always gone into the bank and asked for the most money you could get. The bank then gives you the amount they would like to risk based on what you can pay back. It's a simple market. But the BANKS failed on their end of that equation and gave people whatever they wanted even though they knew a huge percentage would never be able to pay it back. The majority of the fault lies with them.
If Ferrari suddenly started making crazy loans so every American could drive a Enzo and then ended up going bankrupt when every new owner defaulted, would Ferrari blame the buyers?