Quote:
Originally Posted by kane
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.
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I don't think it's okay. I believe under the legislation it was impossible for them to refuse a mortgage, I may be wrong there.
Blaming Bankers for doing what Bankers do is pointless. The real blame lies with politicians who all them to do what they did and about to repeat it.
As Squealer says we are now reliant on boom and bust economies. Banks inflate and we all earn a little, then the bubble burst and we all lose a lot. Go see what your GDP would be without the Banking sector.