Nixon wrote:I applaud the OP. Working the system. Same as they will work us over when the chips don't come in.
If we behave the same how are we any better?
I've burned plenty of lenders in the past. I don't make excuses for why because no one cares. It's sure nothing to be proud of. The fact that a lot of these fools got my taxes as bailout money doesn't make it right that I go burn them. I did find it just ironic as hell that only a few short years before they got bailouts, these people were saying how we have to tighten the BK laws to keep "deadbeats" from defaulting. Of course, that's only individual deadbeats, not the corporate kind who are only too happy to dump their debt at will (ask Donald Trump it's business not personal). Yeah it's a bunch of BS, and the system is rigged in their favor and we ALL know that for a fact. When you buy the government fair and square, you have every right to expect a return on investment on the hos who call themselves our "representatives" (though damned if I know any way they represent me). All of that is crap, but if I behave the same way, then I'm no better and have no right to complain about it, or I'm a hypocrite. Kind of like them. They are the first to moan and whine about losers getting foodstamps. Ok fair enough, but what right do you have to condemn that when you take a hell of a lot more than that for your bailout to give yourself a huge bonus (for that awesome performance that damn near ruined your company) or go to a retreat at a lush resort? They make me sick with their level of BS and hypocrisy, so I sure don't want to be anything like them.
I think you've had this a bit skewed and the inside job is a good movie to watch that would better explain it.
Some of the big companies that participate in these swaps, like countrywide, eventually got brought out by the "big banks" like Bank of America. Or bear sterns with Jpmorganchase.
It wasn't so much tax payers as those who brought it at a "solid" rating, those who had their 401k, pension and brokerage composed of these faulty loans, that suffered.
It is those who had no business borrowing upwards of 99% of the value of the home and defaulted, that contributed to it as well as salesman/woman (let's call them what they are instead of bankers) that had no problem selling these notes by the truckload even if they wouldn't buy it themselves to generate bigger bonuses.
It's like that time a woman came into the store I worked at and wanted to return three purses, two of which is obviously used..after not being able to return it with the excuse of it was sold to me that way, she ranted, "I didn't even want to but it, he made me!!"
No one made those folks take out a refi, overextending themselves, taking that cash out to use on things like luxury cars, electronics, etc.
But they sure were sold it, and admittedly, the salesman should have a duty, while investments are not guaranteed, they should not make recommendations that are unsuitable.
At the end of the day, the system was bad but you have to ask yourself, who put the system in place and who elect those who have the power to put the system in place, or influence the way the system funcitons.
The root of the problem is so much bigger than just the "taxpayer" bailouts. It's the equality of access, the truth in knowledge, and the responsibility of ensuring future generations existence.