Anyone scared about the economic crisis?

[sugarpop]

Originally Posted by lookout123

damn those banks for not wanting legislation allowing people who can't afford their homes to keep them. the devils!

You know a lot of the people who have lost their home or are in danger of losing their home did nothing wrong. They bought the right house, they could afford it, it wasn't a problem, but after the economy tanked, and people started losing jobs, or getting pay cuts, they couldn't afford to keep them. Some people probably tried to sell their house, but couldn't, because the market is so bad.

AND, let's not forget, those banks are complicit in giving people mortgages they knew they couldn't afford. They were the ones in the position of power. They are the more responsible individuals here for putting someone into a house they clearly could not afford. And that doesn't even go into all the other shady trickses financial institutions were doing.

I'm sick of people blaming only the people who bought more house than they could afford, because those people are not the ones who caused the crash. The people in power are the ones who caused it. Any ethical bank is not going to sign off on a mortgage that someone cannot afford. And the banks who did just turned around and sold it to someone else so they wouldn't be responsible for it. It was wrong, what all those financial people did.