Quote:
Originally Posted by Paul Markham
Bill Clinton, GWB, other politicians and bad financial regulations 100%
Blaming the Bankers for getting very rich. Is like blaming a mad dog running wild and biting people. And not blaming the owners.
Those who want more deregulation in business, be careful you might just get what you wish for.
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So you think it is perfectly okay for banks to do things that they know are irresponsible and damaging and will turn bad for people down the road all for the sake of making a profit?
Banks like Washington Mutual were giving away mortgages to people who had no jobs and no source of income. When asked, they said that a source of income was not one of the criteria for qualifying or a loan. And why would they care? They give the mortgage then within 48 hours have packaged it up and sold it to someone else. Those people sell it to someone else and it gets passed around. Eventually, someone has to deal with it when it goes bad.
Suggesting the banks weren't at fault for their own behaviour is rediculous.