Ugh

[wraithfodder]

Just watched the Presidential address.

So? What? Elmo from Sesame Street wasn't available to give this Dummies Guide to financial disaster? Amazing how Bush didn't say "Greed" or "government incompetennce" once...

Grrr, sorry, but the whole mess is a result of greed, simple as that.

Comments

[medievalcamelot.livejournal.com]

I think the banks are stupid for getting into this mess and not seeing what a mess it was until it was too late. There is so much they could have done to prevent it before things went too far.

I also have to step back and wonder what on earth consumers were thinking though? Multi-rate, balloon payment loans??? Come on! It amazes me that no one thought ahead to 5 years down the road when the housing market would be flooded with people trying to sell their homes to avoid the changing rates/balloon payment, after having driven the market sky high so no normal person can afford a normal loan. My husband and I saw those loans and made evil hex signs at them. A balloon payment in 5 years?!? Ya right!

Yet again though, the banks should have controlled the number of these types of loans they approved. It would have helped keep the housing market under control.

[whisper99.livejournal.com]

You can be sure that people 'thought ahead' to 5 years and the reprecussions of the greed would come to light. They thought ahead and didn't care because they had their money in thier pockets and that's what was important.