02-06-2012, 01:09 PM
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#10 (permalink)
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A True Z Fanatic
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Quote:
Originally Posted by christian370z
So would you consider the financial meltdown that was largely caused by consumer debt hurt people? It's one thing to owe debt, which is ok as long as you have the means to pay it back in a timely and risk averse manner, but a large percentage of people who consistently run large credit balances cannot and that is wrong and hurtful to themselves and the economy in general.
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With no indictment of the institutions that enabled and overtly encouraged it. Cuts both ways with the consumer and the bankers! Cant have 1 without the other. Oh and the banks making loans for short term gain in fee's to people with little or no documented means.
Yep thats just good business eh? Sorry but the banks could say no. They actually chose not to. End of story. Ask the Fed and the minutes that proved the working of the banking industry. Based on that it was about 60/40 bank to consumer. Ultimately we bailed out the banks for making BAD LOANS. Go figure.
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