From -Duncan's post above
If I may .. on the ' Greed " aspect , my words not yours .
We all have a certain amount of greed if ;you will .
We want things .. the reason the aspect of greed comes in when you act immorally . Steal or cheat and a person knows when they are doing it even if the law does not forbid it .
If it were not for the desire for better things and a better live style you would not have capitol investment . IE - stock market - traders / investors and yes any of you guys with a 401k fall into that category .
With out people " investing " in their own future things will not improve for us all .
The problem that we have seen in corporate America is the lack of restraint .
Internally and externally .
Internal - moral character - self restraint / discipline .
External - the PROPER laws and enforcement of them .
When I say proper I mean ones that ensure a FAIR playing field and protect the investor / people from the age old problem of stealing and cheating .
THANKS
Duncan
Duncan -
I totally agree with the premise that stealing and cheating should be guarded against. One minor problem in your thoughts above... is it the fault of the lender, for example, that Joe SeexPack in CA bought more house than he can afford? Or is it the fault of the bank? Or is it the fault of the Gubbamint? Who did what morally wrong?
Stock market losses could face the same scrutiny - is it the person's responsibility to inform themselves? Or the broker's responsibility to guard them against loss? That line can get opinionated and fuzzy it seems....
Answer :
All three .
The borrower was stupid - in some cases .
THe lenders were improperly greedy or committed fraud - as we have found out .
The US Government set the stage with the laws they passed to mandate that minorities that had bad credit be given loans the should not get .
American Thinker: Why the Mortgage Crisis Happened
Thanks
Duncan
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