Posted by moy23 on 9/8/2011 11:30:00 PM (view original):

Posted by antonsirius on 9/8/2011 11:14:00 PM (view original):
No, moy, it's not dumb. By the end of the cycle CDO construction was driving the mortgage business, not the other way around. It's why so many corners were being cut on the paperwork, and why so many mortgages proved to be fraudulent after the fact - they existed solely to be grist for the derivatives mill. Nobody gave a **** whether the borrowers' obligations were met or not, because that money was peanuts compared to the money that was being made on the CDOs based on those obligations.

Yeah yeah yeah..... and companies incentivised employees to sell subprime and make short term profits while deferring risks.... yada yada yada......

If I walk onto a used car lot I am not OBLIGATED to go home with a new used car no matter how much they will give me or how pushy the salesman is. Its a big purchase.... a home..... the biggest purchase one will ever make in their lives.... BE FISCALLY RESPONSIBLE!!! I know dems have a hard time wrapping their brains around this concept but give it a try.

Its actually infuriating you guys absolve borrowers from any kind of fiscal responsibility ..... its horrifying.

Posted by jiml60 on 9/9/2011 10:28:00 AM (view original):

Its actually infuriating you guys absolve borrowers from any kind of fiscal responsibility ..... its horrifying.

Fiscal responsibility, no, borrowers don't get off the hook for that but for equally sharing the blame with lenders, bankers, legislators, etc...; no, the blame lies solely on the part of our political representatives for deregulation allowing the financial institutions, bankers, Wall Street to exploit the new laws and create this mess we are in.

You can post your elitist bullshit all you want but what it comes down to is banks and other lending institutions became predatory lenders and the borrowers the prey.  Ultimately, the lending institutions had final say on whether loans by high-risk borrowers should go through  - fiscal responsibility goes both ways.

The blame for our financial mess lies in Washington and Wall Street.

Posted by MikeT23 on 9/9/2011 11:10:00 AM (view original):

Posted by jiml60 on 9/9/2011 10:28:00 AM (view original):

Its actually infuriating you guys absolve borrowers from any kind of fiscal responsibility ..... its horrifying.

Fiscal responsibility, no, borrowers don't get off the hook for that but for equally sharing the blame with lenders, bankers, legislators, etc...; no, the blame lies solely on the part of our political representatives for deregulation allowing the financial institutions, bankers, Wall Street to exploit the new laws and create this mess we are in.

You can post your elitist bullshit all you want but what it comes down to is banks and other lending institutions became predatory lenders and the borrowers the prey.  Ultimately, the lending institutions had final say on whether loans by high-risk borrowers should go through  - fiscal responsibility goes both ways.

The blame for our financial mess lies in Washington and Wall Street.

Wow.  I guess "personal responsibility" doesn't play much of a role in your life. 

Posted by MikeT23 on 9/9/2011 11:23:00 AM (view original):
"the blame lies solely on the part of our political representatives for deregulation allowing the financial institutions, bankers, Wall Street to exploit the new laws and create this mess we are in."

"The blame for our financial mess lies in Washington and Wall Street."


Seems to me that defaulting on loans isn't a problem in your world. 

Posted by jiml60 on 9/9/2011 10:28:00 AM (view original):

Its actually infuriating you guys absolve borrowers from any kind of fiscal responsibility ..... its horrifying.

Fiscal responsibility, no, borrowers don't get off the hook for that but for equally sharing the blame with lenders, bankers, legislators, etc...; no, the blame lies solely on the part of our political representatives for deregulation allowing the financial institutions, bankers, Wall Street to exploit the new laws and create this mess we are in.

You can post your elitist bullshit all you want but what it comes down to is banks and other lending institutions became predatory lenders and the borrowers the prey.  Ultimately, the lending institutions had final say on whether loans by high-risk borrowers should go through  - fiscal responsibility goes both ways.

The blame for our financial mess lies in Washington and Wall Street.

Posted by jiml60 on 9/9/2011 11:40:00 AM (view original):
The responsibility lies with the legislators and banking / financial institutions plus Wall Street.  Laws were designed for the latter two to exploit the market then leave the taxpayers holding the bag.

The borrowers responsibility for getting into loans they could not possibly pay off is their fault but that opportunity was created by the legislators fueled by the banking lobby.  Again, ultimately the buck could have stopped at the lenders desk with a simple no but they approved the loans.  So where is their responsibility? Seems they got off kind of easy, they were bailed out by the government, no one went to jail and people like you buy into this notion that borrowers are equally responsible for the disaster.

So one is absolved of responsibility because they took advantage of an opportunity?