Quote:
Originally Posted by 12clicks
corporate greed is NOT the problem. the problem is the government interfering with our economic system.
If the government wasn't backing mortgages or student loans, how different do you think things would look?
Yes, people should be more responsible for themselves and with their money...
But consider this...
see, this is the myth that a lot of people have fallen for.
It wasn't the banks tricking people into believing they could afford something they couldn't. It was the PEOPLE and their mortgage broker LYING to the banks about their incomes. The banks aren't at fault (except in very rare occasions). The government allowed for very loose proof of income and the PEOPLE took advantage of it. The banks went along with the GOVERNMENT guidelines.
Now of course there is more to this economy than just mortgages but again, what is the goal of the protests?
what EXACTLY do they want and what EXACTLY will it accomplish?
no, this is simply a lie. The 1% are better at protecting themselves. Please name one thing the government has done to help just the 1%
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Mortgages were securitized and sold off, many times to main street investors. The rating agencies barely verified anything or asked questions. Every failed loan wasn't a liar loan, but most were.
People walked away from or were pushed out from full doc loans as well.
Banks had a choice about documentation. They favored liar loans because they made them more money.
Many of the biggest banks don't even own the loans, but they service them. Enter MERS.
What you say is mostly true, but it is not that black and white and banks aren't the only victims. Everybody got drunk on greed.
As for the last question, Bush tax cuts. Yeah they say they helped a lot of people, but they mostly benefitted certain people.