[quote=arraya]……Yeah a few poor people that were irresponsible took down the whole western worlds banking system. Get a grip man.
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I realize irony is your intention, arraya, but the unfortunate truth is that your statement is correct, with the substitution of “many” for “a few”. All of the trillions being lost are indeed due to non-repayment by Joe Homeowner of the loan he chose to take. Add it up over tens of millions of borrowers, and you’ve got the entire financial world and economy in a tailspin.
Was Joe an idiot to take a loan he didn’t intend to repay out of his income? Absolutely. Was Mr Banker / Investor an idiot to make the loan? Absolutely. Do we move to a system where people who do idiotic things with vast amounts of money evade taking full responsibility for their actions? Our economy will suffer terribly in the long run if we allow that to happen.
