Rage Against the [People Who Don't Know How to Use the] Machine[s]

[stilettosinsand]

It's a real red-letter day for idiots here on the Gulf coast.  Let's address these morons one by one, shall we?  Good.

To the [expletive-that-rhymes-with-runt] woman behind me who nearly rammed her busted TransAm (couldn't find an IROC-Z?) into my trucklet (my name for my little gas-guzzler) on the Bayou Chico Bridge this morning because she HAD to

Comments

[cliffie917]

While I completely agree with you on the personal responsiblity aspect of this mortgage rant, I don't think it's *entirely* the fault of the idiot consumers here.

I know some "smart" people who got entangled in mortgages that for all intents and purposes were shitty products, just wrapped in pretty paper. While reading the contracts and asking questions about things about which you've got questions is your responsibility, what about the bank that approved a $500k loan for a person who makes $30k/yr? What about the mortgage broker that purposely put people into subprime products because he'd get more of a commission than if that person was put into a convention loan? These guys knew what they were doing. They knew it wasn't ethical, and they knew it'd eventually come crashing down like a house of cards, but they did it anyway.

Consumers like you and I are impacted a lot, yes. And not that I'm defending the banks here at ALL, but these corporations have shut down entire divisions and business-lines because of the mess THEY created. They're losing money left and right, and yeah - they're getting "bailed out", but it's not in their interest...it's in ours, ultimately. They're not winning from this bail-out - they're just getting pulled back onto the life raft, sputtering and flailing their arms until they can get back to shore.

This credit crisis isn't just as a result of stupid homebuyers. If it wasn't for companies lending money to people who couldn't really afford it, I'd venture to say about 90% of this country would be f**ked. You wouldn't have any credit cards. I wouldn't have a house. Liz wouldn't have a new car. It's easy to be high and mighty when we all have the money to faithfully pay these things back, but keep in mind there was a time when we didn't. It's not just about paying your mortgage on time - it's about not absorbing more debt than you can easily shoulder, and I don't think either of us is in a lofty position to take a holier than thou stance.